Los Angeles, CA, January 17, 2017 — DataScience, Inc. today announced the results of a commissioned study, “Data Science Platforms Help Companies Turn Data Into Business Value,” conducted by Forrester Consulting on behalf of DataScience. The study identified a minority of firms (22%) that were “Insights Leaders,” companies that embed analytics and data science into their operating models to bring insights — actionable knowledge resulting from analytical models and algorithms — into every decision.
These companies were found to be two times more likely to be in a market-leading position in their industries than “The Pack” or “Insights Laggards,” the other two groups evaluated. Leaders were found to have significantly higher revenue growth and profits that exceed company and shareholder expectations. For this group, data science and data science platforms were found to be a primary focus and competitive advantage.
Forrester conducted an online survey and in depth interviews with over 200 decision makers in business/customer insights, data science, and data engineering roles at enterprises in the United States.
Key findings from the study include:
- Insights Leaders use data science for competitive advantage: With bigger budgets for advanced analytics capabilities, Leaders are making data science an integral part of their business roadmap. For example, 62% of Insight Leaders have a data science development plan in place compared to only 29% of The Pack and 28% of Laggards.
- Insights Leaders tend to be small, agile disruptors: Smaller companies are most likely to be Insights Leaders, with 53% of the companies surveyed falling into the 1,000-4,999 employee range, compared to just 33% in the 5,000 to 9,999 range, and 13% in companies with 10,000+ employees.
- Most firms miss the keys to good data science because they focus on the data: While 99% of respondents consider data science an important discipline to develop, and 74% of survey respondents consider data science among their most important initiatives, firms tend to focus on data collection rather than implement technologies to deploy work that can help turn data into action.
- Tool sprawl and integration are top technology challenges: 46% of respondents lack an integrated approach to their data science technology stack. With an abundance of tools that don’t integrate well together, firms are struggling to reap the benefits of their data science teams.
- Platforms lead to better data science results: 88% of Insight Leaders use a data science platform to overcome tool sprawl and put insights into action. In addition to unifying technology and infrastructure, platforms help institutionalize knowledge and promote collaboration, which is crucial in a market with widespread talent scarcity and retention concerns.
“The small group of companies that are Insight Leaders are realizing the full business potential of their data science teams and are disrupting not only established market leaders, but entire industries. If you’re building data science capabilities and want your team to become a key competitive advantage for your organization, the time is now to adopt a data science platform, or prepare to lose market share to companies that are giving their teams the tools they need to deploy models and insights at scale.
"We’re excited about the growing demand for data science platforms shown in this research study and are witnessing first hand the transformation of our own customers as they implement our platform. We built the DataScience Cloud to empower the forward thinking organizations who believe in the potential of their data science teams and we are thrilled to serve as the leading data science platform and partner to help them realize that potential.” — Ian Swanson, CEO, DataScience Inc.
To learn more about the insights maturity index, and why a single-platform approach is critical to data science success, download the full study here.