What were the findings of the report?
It shows that Australian businesses are reaping substantial rewards from their data and analytics investments, with three of four (76%) business leaders saying that having a data and analytics strategy as part of the overall business strategy has become essential.
The report also revealed Australian enterprises are moving the needle on data and analytics maturity, with about 70% reporting an increased investment in data and analytics technologies, thus reinforcing the role of data and analytics in business operations.
Firms are building more advanced data and analytics capabilities and processes, with about 45% leveraging major or full automation in their data and analytics landscapes. Companies operating in wholesale trade, information media and telecom, and hi-tech industries came out on top, with over 80% reporting comparatively high data and analytics maturity levels.
Accommodation and food services, and gov’t, charity, or not for profit were the lowest performers, with over 90% of these firms reporting lower data & analytics maturity. The 3 most popular measures to improving a firm’s data and analytics maturity are: improving data literacy, evangelising data-centricity, and developing a holistic strategy and roadmap.
What were the executives’ thoughts on the study?
Commenting on the study, Country Head, TCS Australia and New Zealand, Vikram Singh said, “Data and analytics have become central to the business strategies of Australian enterprises.”
“TCS has been partnering with leading companies here to build a strong future-ready data and analytics foundation, leveraging our capabilities in advanced analytics and AI to drive innovation, harness ecosystems and deliver impactful customer experiences,” Singh said.
“Our report provides valuable insights on how the best run firms are harnessing the power of data and analytics for their growth and transformation. This provides a basis for every firm to assess its own data maturity and come up with a roadmap to become more data driven.”
Commenting on the research report, Executive Dean, Faculty of Business and Law at Deakin University, Mike Ewing said, “We are passionate about working with partners like TCS to build the skills, ideas and innovation needed to drive the future of global business.”
“Our business and technology research has real-world impact, examining the most effective ways to harness and deploy emerging technologies for competitive business advantage.”
“The report paints a picture of strong levels of data analytics maturity in Australian organisations and confirms that investment in this space does deliver business value and increased performance, no matter the sector or organisational size,” Ewing further said.
State of Data and Analytics in Australian Organisations highlights the current state of data and analytics maturity and its perceived value, as reported by Australian organisations. It is based on the results of a survey of 138 C-level executives across 18 sectors in Australia.
To establish metrics in which to evaluate how an enterprise’s data is managed and used and to study the correlation between its data maturity level and business performance, the Data and Analytics Target Operating Model (TCS Datom™) framework was used as a guideline for participants to self-assess their respective organisational levels. Download the report here.