A new survey from DataIQ, in association with Mango Solutions, one of the UK’s largest data science consultancies, has revealed that incremental value equivalent to 18% of business revenues may be generated as a direct result of advanced data science approach. Even organisations at the early stages of data maturity claimed a 4.1% revenue increase directly attributable to data science.
The study found that a total average of 6.7% of business revenue is generated via data science. This almost trebles to 17.9% of annual revenue within organisations with an advanced level of data maturity. So, whether a business practices data science – with data-driven processes and analytical modelling embedded in decision-making – or whether it has yet to leave the planning stage, data science is highly likely to yield a significant return.
It also found that commitment at C-suite level has a direct correlation on the data maturity of an organisation with more than four out of five (83.3%) data science functions created through board initiatives within advanced-level organisations. These kinds of businesses are twice as likely (50%) than the average business (24.1%) to communicate the impact of data science directly through their chief executive.
Click below to share this article