Research by the Aberdeen Group has found that the rise in the use of analytic data to support strategic decisions in business is funding a new form of revenue growth.
What the Aberdeen Group dubs the ‘Analytical Executive’ is an emerging group of strategists and decision makers who rely on quickly attained data on their current business climate to make more informed choices for the good of their company.
These new technological and statistically minded executives are utilising the benefits of modern times in an attempt to move away from having to rely on gut instinct. 88% of analytical executives describe themselves as having a ‘data driven mind-set’ when it comes to decision making.
The Aberdeen Group report states that in order to become an analytical executive you need to be ready to engage first-hand with the data that is available to you. Out the executives Aberdeen classed under the analytical category they found 29% of them ran analysis tasks completely independently of their co-workers.
What used to be the home turf of businesses IT department has already become part of the executive’s area of influence.
Aberdeen has found that the executive that is willing and able to engage more with the advanced business intelligence tools that are available to them ensures the rest of the organisation soon follows suit.
By cascading a more analytical philosophy to the wider business, executives get to enjoy a faster and more efficient decision making climate, which is directly contributing to increased revenue and financial stability.
Analytical executives that are encouraging their new empirically based philosophy have seen a 9% increase in both knowledge sharing and process efficiency amongst their employees.
It is the responsibility of an executive to think more strategically about the long term goals of the business. However, it is still vital to receive all data and information as quickly as possible. In a world dominated by cloud based instant information, decision makers are increasingly facing a smaller decision window and the ability to obtain critical information as quickly as possible is vital to success.
This is why 23% of analytical executives say they need information within a matter of minutes; hence the increase in independent analysis being carried out by executives directly.
By getting their hands dirty and working directly with the data that is available to them, analytical executives are keeping up with the demanding fast paced nature of today’s working environment.
With the huge growth in the use of Big Data and automation modernising businesses to levels of efficiency that’s never been seen before in a constantly uncertain global market, it’s the analytical executive that is leading the way forward.