Data analytics investment on the rise

Data and analytics is maturing in Australian organisations, according to a new report from Tata Consultancy Services (TCS) and Deakin University.

The State of Data and Analytics in Australian Organisations report, based on a survey of 138 senior decision-makers, shows that 76% of business leaders believe having a data and analytics strategy as part of the overall business strategy has become essential.

Organisations are also building more advanced data and analytics capabilities and processes, with approximately 45% leveraging major or full automation in their data and analytics landscapes.

Australian companies operating in wholesale trade, information media, telecommunications and hi-tech industries came out on top, with over 80% of these reporting comparatively high data and analytics maturity levels. Accommodation and food services, government, charity or not for profit were the lowest performers, with over 90% of these organisations reporting lower data and analytics maturity.

According to the study, the three most popular measures to improving an organisation’s data and analytics maturity are: improving data literacy, evangelising data-centricity and developing a holistic strategy and roadmap.

“Data and analytics have become central to the business strategies of Australian enterprises. TCS has been partnering with leading companies here to build a strong future-ready data and analytics foundation, leveraging our capabilities in advanced analytics and AI to drive innovation, harness ecosystems and deliver impactful customer experiences,” said Vikram Singh, Country Head, TCS Australia and New Zealand.

“Our new report provides valuable insights on how the best run Australian companies are harnessing the power of data and analytics for their growth and transformation. This provides a basis for every organisation to assess its own data maturity and come up with a roadmap to become more data-driven.”

The research has a real-world impact according to Mike Ewing, Executive Dean, Faculty of Business and Law at Deakin University.

“The report paints a picture of strong levels of data analytics maturity in Australian organisations and confirms that investment in this space does deliver business value and increased performance, no matter the sector or organisational size,” Ewing said.

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