Using data feeds the bottom line says EIU
- 22 February, 2013 08:06
There is a "clear link" between financial performance and the broad use of data by employees, according to research from the Economist Intelligence Unit.
A global survey of 530 senior executives conducted by the EIU found that companies are more than three times more likely to rate themselves "substantially ahead in financial performance" when they believe their data usage is ahead of their peers.
Less surprisingly, the EIU survey found more than 80 percent of respondents believed employees across their organisations can and should be using data to do their jobs.
According to the survey results the most successful companies are maximising the use of data by providing necessary training and promoting the sharing of data across all levels of employees and departments.
The survey provides guidance for executives who want to create a "data-driven culture". Making data collection a central focus is a main target, says the EIU. Data collection is cited as "very important/essential" to data culture by 76 percent of executives from top-performing companies, compared with 41 percent from companies that lag their peers.
Jerry O'Dwyer, a principal at Deloitte Consulting, said "data democratisation is a transformative idea". He said, "There is more and more resistance to having everything funneled through IT." O'Dwyer said it "would be foolish" to attempt to empower every employee, but that "everyone should at least be given the opportunity to work with data".
The research was sponsored by business intelligence management firm Tableau Software. "Leading companies realise that being successful means giving people the opportunity to work with data," said Elissa Fink, chief marketing officer at Tableau Software. "Making data available and easy to use for all employees can transform an organisation's culture, and it's good for the bottom line."
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.
Why IT projects really fail
The enlightened CIO’s guide to running projects
Why IT projects really fail
Queensland government to provide 200 services online by 2015
Call Centers Suffer From Big Data Overload
Leadership and technology: Mobility and BYOD insights for midmarket enterprises
BYOD trends are putting pressure on IT departments to support all personal mobile devices in all work spaces, while Analysys Mason forecasts that revenue from mobility for mid-market enterprises will grow to US$79 billion by 2018. This white paper looks at the power of mobility as part of a unified communications (UC) platform; the competing interests of IT departments, and why vendors supplying these solutions are well prepared to meet the needs of mid-market enterprise technology and business challenges.
Multi-Factor Authentication; Current Usage and Trends
In this digital age, validating identities and controlling access is vital, which is why multifactor authentication has become such a fundamental requirement in so many organisations. This survey looks at the authentication landscape in Europe, the Middle East, and Africa, and offers insights into how it is expected to change in the coming years.
Case Study: Worldwide Collaboration by Design
HOK is a global provider of architectural planning, design and delivery solutions, that operates out of 24 offices on four continents. Being a truly global organisation, HOK needs to empower its worldwide workforce in order to effectively leverage its highly skilled people, irrespective of where they may be located. In this case study, we look at the benefits the organisation saw from introducing collaboration and conferencing technologies. Click to download!