PwC s 2015 Global Digital IQ Survey. Digital IQ perspectives: Unlocking data possibilities

Transcription

1 PwC s 2015 Global Digital IQ Survey Digital IQ perspectives: Unlocking data possibilities

2 Do you trust your data? As they say, information is power. If you can unlock data s disruptive force, you have the potential to reap revenue-generating rewards such as: predict what customers want, prevent business-interrupting risks, personalize communications with customers to build loyalty, and identify new markets for growth. According to PwC s 2015 Global Digital IQ Survey, effective use of data is one of the 10 attributes of companies that outperform the competition. Gaining a competitive advantage is why enterprises are willing to pay handsome sums to absorb data and analytics startups or invest in the staff and technology to build their own data and analytics function. But, making data the engine of your enterprise requires more than dollars. Just because you recognize data s value, doesn t mean you understand it or trust it once you have it in your grasp. How business and IT leaders view data and analytics 77% of executives say data and analytics skills are important to their business. 58% of executives say they effectively utilize all the data they capture to drive business value. Source: PwC, 2015 Global Digital IQ Survey; Base: 1,988 2

3 Balancing gut instincts with data-driven insights Executives have been making decisions with a combination of data and gut instinct for a long time. Instincts derived from years of trial and error should always play a role in decision-making, but to keep pace or leap-frog the competition, leaders should balance their instincts with enhanced, data-driven insights. In the face of an onslaught of information, some executives suffer from paralysis by analysis, and are unable to determine how best to leverage the huge amounts of data at their fingertips to anticipate and test the impact of future moves, before committing. How business leaders make decisions 58% of executives said they placed the most reliance on their own intuition or experience or the advice or experience of others. 30% their own intuition or experience 28% the advice or experience of others Source: PwC, Global Data and Analytics Survey: Big Decisions ; Base: 1,135 3

4 Developing a relationship with your data CEOs are used to digesting data drawn from insights about past events. Now, they are challenged to interpret data gathered from forward-looking, innovative sources such as the Internet of Things, predictive analytics and combinations of internal and external, structured and unstructured data. PwC s Global Data and Analytics Survey: Big Decisions found that 52% of senior executives previously discounted data they did not understand. If CEOs are going to trust today s digital data as much as their gut, they need time to familiarize themselves with the data in a meaningful way. They need to develop a relationship with the data. But, most data executives struggle to present the data in a friendly form that enables senior executives to cultivate a connection with the information. How important do you believe effective use of each type of data will be to your competitiveness? 71% 65% 63% 58% 57% New sources of valueadded third party data (demographics, behavioral, social media, etc.) Data from cloudbased business apps Mobile customer interaction data Location-aware data IoT and sensor data Source: PwC, 2015 Global Digital IQ Survey; Base: 1,988 4

5 Excel spreadsheets fall flat and are easily dismissed. CEOs need to see and manipulate the connections between various data points and experience how changing the parameters will alter outcomes. That s why our firm uses a combination of apps, visualization walls and gamifications to present data to clients in interactive, layered ways. When data is presented as easily digestible and multi-dimensional, C-suite executives can ponder all the possibilities and feel more confident in making a decision rooted in data, rather than their gut alone. Data-savvy leaders who can harness this data to make more sophisticated and speedier decisions will be able to Spend time where it matters Get to data you can trust and the insights faster and easier. Shorten the distance between insight and value Create a deeper, more holistic view of your business to uncover hidden threats and new opportunities. Anticipate and act Unlock the value of data and insights that help you anticipate and test the impact of future moves, before you commit. Empower their people with data and analytics Engage and excite their talent with better ways of thinking and doing through easier access to insights. 5

6 Are you a data leader or laggard? You can determine your Digital IQ score by answering 10 questions through PwC s Digital IQ Benchmark. You can also compare your data and analytics capabilities with your peers through PwC s Big Decisions Sophistication & Speed Matrix. And, learn more about how PwC is working with businesses to help them grow, operate effectively, and manage risk by leveraging our Analytic Apps. 6

7 For a deeper discussion about Digital IQ and unlocking data possibilities, please contact: Chris Curran Chief Technologist Tel: chris.curran@pwc.com Dan DiFilippo Global and US Data and Analytics Leader Tel: dan.difilippo@pwc.com About PwC s Digital IQ research We ve been conducting our Digital IQ research since 2007, and this year marks our seventh annual survey of business and IT executives globally. This year s survey was conducted July through September 2015 and included 1,988 respondents from 51 countries. Responses were aggregated into 7 regions and 10 industries. Respondents were evenly divided between IT and business leaders. Our Digital IQ score is a tool for quantifying and benchmarking the Digital IQ of firms in a consistent way. The score is built on the ten attributes of the survey that proved to be most closely correlated with company performance. The overall Digital IQ score is a weighted and normalized sum of the attribute scores. Our analysis shows that those firms with a higher Digital IQ score are more likely to enjoy faster revenue growth and wider profit margins PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see for further details. Digital IQ is a trademark of PricewaterhouseCoopers LLP US. At PwC, our purpose is to build trust in society and solve important problems. We re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at PricewaterhouseCoopers has exercised reasonable care in the collecting, processing, and reporting of this information but has not independently verified, validated, or audited the data to verify the accuracy or completeness of the information. PricewaterhouseCoopers gives no express or implied warranties, including but not limited to any warranties of merchantability or fitness for a particular purpose or use and shall not be liable to any entity or person using this document, or have any liability with respect to this document. This report is for general purposes only, and is not a substitute for consultation with professional advisors LL