Organisations that put data at the centre of their strategy realise a differentiated competitive advantage by mitigating cost and risk, growing revenue and improving the customer experience.

This is according to a survey of more than 900 global business analysts commissioned by data intelligence firm Collibra and carried out by Forrester Consulting.

While 84 per cent of respondents said that it was very important or critical to put data at the centre of their strategy, nearly half (43 per cent) admitted that they fail to always or even routinely use data to guide business decisions.

Less 'data-mature' organisations were 55 per cent likely to say their data management strategies positively contribute to optimal business decisions.

Those businesses which have the ability to connect the right data, insights and algorithms so people can drive business value, realised an eight per cent advantage in improving customer trust, an 81 per cent advantage in growing revenue, and a 173 per cent advantage in better complying with regulations.

“To lead with data, companies need to advance how they discover, organise, collaborate with, and execute on the data they have,” said Felix Van de Maele, co-founder and chief executive of Collibra.

“By freeing analysts up to spend more time on value-added tasks, organisations can decrease time to insight and accelerate trusted business outcomes.”

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