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The Study, Conducted by Tata Consultancy Services and Deakin University, Delves into the Correlation Between Business Effectiveness and Data and Analytics Maturity
SYDNEY, August 3, 2022: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), published a new report, State of Data and Analytics in Australian Organisations, based on a survey of 138 senior decision-makers, in collaboration with Deakin University. It shows that Australian businesses are reaping substantial rewards from their data and analytics investments, with three of four (76 per cent) business leaders saying that having a data and analytics strategy as part of the overall business strategy has become essential.
The report also revealed Australian enterprises are moving the needle on data and analytics maturity, with about 70 per cent reporting an increased investment in data and analytics technologies, thus reinforcing the role of data and analytics in business operations. Organisations are also building more advanced data and analytics capabilities and processes, with approximately 45 per cent leveraging major or full automation in their data and analytics landscapes.
Australian companies operating in wholesale trade, information media and telecommunications, and hi-tech industries came out on top, with over 80 per cent of these companies reporting comparatively high data and analytics maturity levels. Accommodation and food services, and government, charity, or not for profit were the lowest performers, with over 90 per cent of these organisations reporting lower data & 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 organization to assess its own data maturity and come up with a roadmap to become more data driven.”
“We’re passionate about working with partners like TCS to build the skills, ideas and innovation needed to drive the future of global business. Our business and technology research has real-world impact, examining the most effective ways to harness and deploy emerging technologies for competitive business advantage. 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,” said Mike Ewing, Executive Dean, Faculty of Business and Law, Deakin University.
State of Data and Analytics in Australian Organisations highlights the current state of data and analytics maturity and its perceived value, as reported by Australian organisations. It is based on the results of a survey of 138 C-level executives across 18 sectors in Australia. To establish metrics in which to evaluate how an enterprise’s data is managed and used and to study the correlation between its data maturity level and business performance, the Data and Analytics Target Operating Model (TCS Datom™) framework was used as a guideline for participants to self-assess their respective organisational levels.
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Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 606,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com
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