ANZ Data Analytics Series Docs

Demystifying Data 3 Executive summary More than just numbers on spreadsheets, data is any information that is collected or created through observation. This can include reviews, customer feedback, video footage, and more. Businesses overwhelmingly see the value of data for understanding and improving customer experience. Two-thirds of businesses are already using data to understand and improve customer experience, and a further 29% intend on using data for this in the future. Leveraging data can help businesses to better understand their customers and create a competitive advantage. It can inform decision-making, optimise solutions and enable innovation. This report presents a new data maturity model to assess how sophisticated businesses in Australia and New Zealand are when it comes to data. The framework scores businesses across five pillars of data maturity: understanding of data, organisational strategy, capability and culture, tools, and processes. The majority of surveyed businesses (60%) had basic or beginner data maturity levels when measured against these criteria. The most commonly cited barriers included data quality (17%) and funding (15%). Businesses overwhelmingly see the value of data for understanding and improving customer experience. Modelling for this report finds that even a one-point increase in businesses' data score is associated with additional revenue - $1.5 million in Australia, and $1.6 million in New Zealand. This revenue could allow businesses to hire 16 full-time employees in Australia and 22 in New Zealand. Technology is only one part of solution. Roughly one quarter of businesses analyse data on an ad-hoc basis or not at all, while less than half manage access to data across the business. Most medium and large businesses (with 100 or more employees) in Australia and New Zealand understand the potential benefits of data. Yet few have a good understanding of their ability to harness this potential. Two in five businesses overestimate their data maturity. This report outlines a roadmap for businesses seeking to improve their data maturity, drawing on research and consultations with business leaders. From building a culture of analytics, to transforming analytics into actionable insights, there are simple steps businesses can take to becoming a data-driven organisation. This report Deloitte Access Economics was commissioned by Amazon Web Services to analyse the data maturity of medium and large businesses in Australia and New Zealand (ANZ), and to highlight the benefits of, and barriers to, being data-driven. The analysis draws on a survey of businesses, as well as three case studies which provide real-world examples of how businesses are leveraging data to improve the customer experience. The business survey This report is informed by a business survey fielded by Dynata in July 2020. Survey respondents were marketing or finance purchasing decision makers, representing businesses with 100 employees or more. In total, 275 businesses participated, including 66 from New Zealand and 209 from Australia. Figures contained in the report relate to surveyed businesses only, unless otherwise specified. As such, results will only be representative of businesses with 100 or more employees, rather than smaller businesses. Demystifying data

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