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Data Analytics are Catching-On

Updated: Apr 6, 2023

Data Analytics News

Australian businesses that leverage customer and staff data can raise their revenue by about 10 per cent, according to an AWS-commissioned Deloitte report.

Demystifying Data 2022, the third annual report of AWS customers conducted by Deloitte, found businesses that had significantly matured their data capabilities over the past 12 months, with some data maturity – as measured by Deloitte – having more than doubled from 16 per cent to 34 per cent.

AWS chief technologist Rada Stanic said the jump was pleasing to see.

“What we’ve been able to see in the space of the last year is really an increase in a number of organisations with advanced and master level of maturity which was really pleasing,” she said.

“We are very much a data-driven company and we love to track the progress of anything we do and what our customers do, and then seize the opportunity and help our customers improve and do better.”

The report found that the financial sector was among the top three data users, according to respondents.

Of all sectors, the finance industry appeared to be the biggest adopter of data analytics, with 50 per cent of financial organisations having achieved a master level of data maturity.

Of other sectors, about 60 per cent of organisations said they used data to measure financial performance and 41 per cent said they used data to increase sales.

John O’Mahoney, a partner at Deloitte Access Economics, said there was a particularly big jump in the number of businesses investing in data analytics training over the past 12 months.

“Three years ago, the number of folks who were only in the very basic or beginner stages of data maturity was almost two-thirds of businesses,” he said. “It was a little bit disappointing for us that when we did the second edition there was actually very little change in the level of data maturity.

“This latest edition is where we’ve seen a big jump. Now we’ve got 34 per cent of businesses who have achieved advanced or master levels of data maturity.”

Mr O’Mahoney said among some sectors such as healthcare and construction there was still a long way to go. “The biggest opportunities are at the other end of the spectrum where we have the construction sector,” he said. That’s actually the lowest of all the industries that we surveyed for this report. “That’s consistent with other statistics that we’ve seen about construction, and about property.

There’s lots of smaller businesses in that sector and there’s also still a reliance on manual processes.”


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