TCS and ESSEC Study Shows Strong Linkage Between Data & Analytics Maturity

0 49

A new report from Tata Consultancy Services and ESSEC Business School, Unlocking the Value of Data, was based on a survey of 105 business leaders from French companies. The study looks at how mature French companies are with data and analytics across the four pillars of data strategy: organizational, technological, human, and financial.

The study confirms that there is a link between an organization’s data and analytics maturity and its level of business performance: the higher the maturity, the better the company’s performance.

However, more than half of the businesses polled are at a low or medium maturity level. Many business leaders believed their companies were not sharing data effectively across departments. Data and analytics maturity is defined by the ability to integrate a larger number of data sources as well as the ability to share data within the company.

According to the survey, most French companies analyze a variety of data and do not limit themselves to data generated within their own company. With increasing maturity, the use of externally verified data and open data increases. Low maturity organizations use external verified data 39% of the time and open data 28% of the time, while high maturity organizations use 86 percent and 43 percent of the time, respectively.

“Data and analytics maturity is critical to an enterprise’s ability to adapt, to personalize its products and services and embrace new business model. It also enables decision makers to better understand all the risks and take informed decisions faster. The study highlights the key areas that French companies need to focus on to improve their data maturity. Leveraging its rich portfolio of assessment frameworks and automation toolsets, TCS has been helping leading French companies define their data strategies, modernize their data estates and accelerate their growth and transformation journeys,”

Rammohan Gourneni, Country Manager, TCS France.

As data becomes more prevalent, it appears that French businesses and organizations are now heavily investing in analytics. In the sample, 23% of companies spend more than 10% of their revenue on IT and digital transformation, and 15% spend more than 10 million euros on data and analytics each year.

“At a time when company digitalization targets the performance of its processes, the data & analytics maturity of the organization sign the foundations of its ability to take advantage of both its data and its analytical power. Yet, the ability to take advantage of this data to improve their business performance, by adapting their processes, their products, their services, and by better-managing risks, remains highly variable,”

Isabelle Comyn-Wattiau, director of the Strategy and Information Governance Chair at ESSEC Business School.

Despite the fact that half of the respondents have at least one active data lake or data warehouse, 30% still rely on their legacy information system to extract data for reporting. Additionally, 60% of businesses claim to have a low or very low level of automation (capture, processing, provisioning, etc.). Nonetheless, automation processes are critical for increasing business efficiency, reducing errors, and ensuring proper data structuring, all of which contribute to increased effectiveness.

When it comes to talent management, 43% of respondents say that no skill level for data and analytics has been established. Only about a third of companies have training programs for certain data-related positions. Finally, only 12% of companies have employee-wide induction programs.

According to the survey’s findings, French companies should prioritize developing a data and analytics strategy with a roadmap, increasing data competency within the organization, and establishing a data culture to improve their maturity levels. They also need to invest in people, strategic partners, and cloud and automation technologies.

TCS’ study, which took place in September 2021, was based on a survey of 105 executives from French businesses of all sizes. Business leaders, CIOs, CDOs, and functional directors from various industries were among the respondents.

Contact us with your feedback and suggestions.

Leave A Reply

Your email address will not be published.