65% of executives still rely on human judgement to inform significant business decisions but Canadian companies are quickly becoming more data driven
TORONTO, June 27, 2016 /CNW/ - Today, PwC released its Big Decisions Global Data and Analytics Survey which sheds light on how enterprises around the world are limiting risk and leveraging data to make the big decisions that will give them a competitive edge.
"While many companies have embraced the use and recognized the value of data to evaluate past performance only 28% have embraced the use of predictive analytics," said Ramy Sedra, Data and Analytics Consulting Leader, PwC Canada. "With a market environment that is evolving at a more rapid pace than ever before, speed and the ability to adjust to change are now table stakes. Investing in unlocking the power of data to inform big business decisions can have a significant impact on a company's ability not just to remain relevant and viable but to disrupt, thrive and lead."
With insights across multiple industries and sectors, the survey of more than 2,100 company decision-makers and leaders (207 in Canada) found that:
- To stay competitive, companies are beginning to understand the power of predictive analytics, and how smart data can empower leaders to create positive change with greater agility.
- While one in three Canadian organizations are highly data-driven, globally there are still a surprisingly low number of companies with predictive analytics available, with only 29% of decision-makers stating they have that capability.
- 69% of Canadian organizations are being prompted to make big decisions in order to remain competitive and survive in an evolving marketplace, whereas 24% are being driven by disruption.
- One of the greatest roadblocks to the successful use of data and analytics – a lack of leadership "courage," or a fear amongst the c-suite about advancing the use of data.
PwC's newest survey encourages companies to ask the right questions that will lead to data solutions. Companies need to not just collect big data, but question their sphere of discovery, understand how to find the questions worth asking, build an awareness of who is responsible for making decisions and taking action as well as track outcomes to determine the best approach.
The full survey, which can help decision-makers and members of c-suites around the world lower risk and increase their competitive edge, can be found here (www.pwc.com/ca/bigdecisions).
About PwC Canada
PwC Canada helps organizations and individuals create the value they're looking for. More than 6,500 partners and staff in offices across the country are committed to delivering quality in assurance, tax, consulting and deals services. PwC Canada is a member of the PwC network of firms with more than 195,000 people in 157 countries. Find out more by visiting us at www.pwc.com/ca.
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SOURCE PwC (PricewaterhouseCoopers)