Everyone has data; everyone thinks it’s important. But very few organizations have these three important elements:
Advances in data science, machine learning, and predictive analytics continue to expand exponentially. If your company isn’t data-driven, it’s not falling behind— it’s no longer in the race.
This collection of data analytics statistics helps illustrate not just the importance of data but the importance of having a ground-up foundational data strategy. That can be intimidating when you don’t really know where your organization currently stands regarding data use. A strategic data assessment can give you peace of mind. So can data experts who will meet you exactly where you are.
Read on for 22 statistics you need as we roll into Q4 of 2022.
Data Analytics Statistics
Over 80% of companies are making decisions with stale data. Business Wire
The average company doesn’t use 60-73% of its data. Forbes
A University of Texas, Austin study found that the average Fortune 1000 company could increase their revenue by over $2 billion with a mere 10% increase in data usability.
Netflix influenced 80% of content viewed because of actionable insights gained from analyzing the data of 100 million subscribers. Forbes
Businesses using big data realize a 10% reduction in costs and at least 8% increase in profits. BARC research
81% of companies report that using audience management platforms to centralize customer data between on- and offline channels is a high priority. Merkle
43% of IT decision makers fear their IT infrastructure won’t be able to handle future demands. Dell Technologies
95% of businesses cite the need to manage unstructured data as a problem for their business. Forbes
Only 32% of executives say they can currently create tangible and measurable value from data. Accenture
Poor data quality costs the U.S. economy $3.1 trillion. Forbes
Data-driven companies are 58% more likely to beat revenue goals than those not focused on data. Forrester
McKinsey Global Institute reports that data-driven organizations are
62% of retailers say they’re gaining a competitive advantage from their use of information and analytics. IBM
50% of enterprises don’t trust their CRM to provide a single source of customer data. Realwire
The demise of third-party cookies has led 88% of companies with over $100 million annual revenue in the U.S. and U.K. to change focus to collecting first-party data in order to deliver impactful and timely customer experiences. Merkle
Data breaches exposed over 22 billion records in 2021. RiskBased Security
95% of cybersecurity breaches are caused by human error. World Economic Forum
54% of businesses acknowledge that cyberattacks are too advanced for their IT teams to handle by themselves. Sophos
80% of companies that pay ransomware are hit a second time. Securityweek.com
A mere 8% of businesses that pay a ransom get back all their data unscathed. Sophos
The global predictive analytics market, growing at a CAGR of 24.5%, will likely reach $22.1 billion by the end of 2026. Facts and Factors
60% of respondents in Dresner’s 2021 business intelligence marketing study said their biggest obstacle to business intelligence success is a company culture that “doesn’t fully understand or value fact-based decision making.” Dresner
Do you know your data ecosystem’s strengths and weaknesses? Talk to an expert today about data strategy.