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. Two in five overestimate their data maturity.
Modelling for this report found 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.
This report outlines a roadmap for businesses seeking to improve their data maturity. 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.