A new survey finds that many companies are launching data-focused businesses. But few have achieved significant financial impact, which requires the right combination of strategy, culture, and organization.
Results from the newest McKinsey Global Survey on data and analytics indicate that an increasing share of companies is using data and analytics to generate growth.1 Data monetization, as a means of such growth, is still in its early days—though the results suggest that the fastest-growing companies (our high performers) are already ahead of their peers. Respondents at these companies say they are thinking more critically than others about monetizing their data, as well as using data in a greater number of ways to create value for customers and the business.2 They are adding new services to existing offerings, developing new business models, and even directly selling data-based products or utilities.
Overall, respondents say that the use of data and analytics has brought important changes to their companies’ core business functions. For example, nearly half of all respondents say data and analytics have significantly or fundamentally changed business practices in their sales and marketing functions, and more than one-third say the same about R&D. Across industries, respondents in high tech and in basic materials and energy report the greatest number of functions being transformed by analytics (Exhibit 1).
Original link: https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/fueling-growth-through-data-monetization