NEW DELHI, Dec 4: Nearly 61 per cent of C-suite executives of Indian firms believe that their organisational decisions are highly data driven compared to the global benchmark of around 40 per cent, says a report.
According to PwC’s Using Advanced Analytics to Make Big Decisions report, 98 per cent of Indian executives believe their organisations were highly (61 per cent) or at least somewhat (37 per cent) data driven and said descriptive and predictive analytics are currently employed to drive decisions.
“Taking big decisions is getting increasingly complex. To stay as leaders, organisations need to depend on data and analytics enabled decision making process,” Sudipta Ghosh, Partner and Leader – Data and Analytics, PwC India, said.
Ghosh further noted that “advanced analytics will play an increasingly important role in unlocking the value of data by generating insights. However, organisations will need to invest in creating the right structure, processes and culture for making this happen.”
The survey noted that companies that rank high on usage of predictive and prescriptive analytics envision cost reduction and increase in market shares as likely positive outcomes from the next big decision.
“Globally and also in India, companies that rank high on usage of predictive and prescriptive analytics envisioned cost reduction and increase in market share as the likely positive outcomes from the next big decision,” Gerard Verweij, Partner – Global Data and Analytics Leader, PwC, said.
The report noted that new-age companies and start-ups are better equipped than established players in their usage of advanced analytics for decision-making.
The Global Data and Analytics Survey 2016 saw participation of more than 2,100 global executives and more than 100 Indian executives, ranging from C-suite leaders and departmental heads to managers and analysts. (PTI)
Follow our WhatsApp channel