There’s a wealth of research and anecdotal evidence showing that financial outperformers are more advanced in their data-driven digital journey than financial underperformers.
Use my list of ten sources with links below to get a better idea of how much succeeding in your data-driven digital journey can improve your financial performance.
1. All roads lead to the data-driven enterprise—one that is agile, innovative, and customer-centric enough to survive and thrive in an increasingly complex and competitive environment. Harvard Business Review
2. It is difficult to overestimate the importance of data strategy in an AI-enabled world, notes Mr Ong, BCG. “The companies that best harness data— they will be the winners.” The Economist
3. 82% of the respondents said in a study, that they have gained a financial return from their AI investments. For companies across all industries, the median return on investment from cognitive technologies is 17%. Deloitte
4. Three times increased profitability, new customer acquisition, and employee productivity (IDC, report US42988017). And companies who are data-driven are more productive. McKinsey
5. Big Data represents a fundamental shift in business decision-making. Cap Gemini
"AI could boost average profitability rates by 38% in 2035"
6. Leveraging IoT has evolved from a connectivity strategy to a business transformation strategy, and has proven results, including increased profitability. More than seven in 10 executives’ credit IoT with delivering increased revenue. Currently, 45% report IoT has helped boost profits by 1% to 5%, and another 41% say the impact has boosted them by 5% to 15% annually. Forbes
7. Close to half of executives in a survey, 48%, say IoT has enabled them to extend their efforts to a platform model for greater partner engagement. Forbes
8. In a study by Deloitte, a majority of all companies said that AI initiatives have allowed them to stay competitive. 28% said that AI “Widen a lead” and 9% said that AI has allowed them to “Leapfrog ahead”. Deloitte
9. AI could boost average profitability rates by 38% in 2035, says Accenture. AI dramatically improves the efficiency, processing speed and transaction volume of customer interactions. Almost 90% of companies report faster complaint resolution, and over 80% say they enhance call volume processing using AI. Market Insider
10. Companies that use predictive analytics to identify flight risk factors can greatly improve their customer retention. FedEx uses data to predict which of its customers will defect to a competitor with 60-90% accuracy. Forbes