Competitive Advantage From Business Analytics, March 2013 [CHART]

Chart - Competitive Advantage From Business Analytics

67% of executives believe that business analytics creates a competitive advantage in their organization, finds MIT Sloan Management Review in a survey conducted in partnership with SAS Institute in 2012. That represents a 16% rise from 58% who shared that sentiment a year earlier, and is almost double the proportion (37%) from the year before that. The survey, of more than 2,500 executives, managers, and analysts from 121 countries and more than 30 industries, identified and examined a subset, termed “Analytical Innovators,” who rely on analytics for both competitive advantage and innovation.

This group of analytical leaders, who represented 11% of the survey sample, demonstrate varied openness and behaviors when compared to those deemed “Analytical Practitioners” (60%) and “Analytically Challenged” (29%). For example, they’re far more likely to agree that their organization is open to ideas and approaches that challenge curent practices. They also tend to focus their analytics use more on increasing customer understanding, making real-time decisions, identifying new markets, and accelerating development of new products and services, while paying relatively less attention to reducing enterprise costs and improving resource allocations. Read the rest at MarketingCharts.