More than one-quarter (28 per cent) of company executives are not taking advantage of available data and analytics but are simply “trying to survive in a state of disruption”, according to PwC's 2016 Big Decisions Survey.

“This survey demonstrates the often unrealised value of data to lower the inherent risk in decision-making, and sheds light on how companies can reassess the data they have to become stronger and increasingly competitive,” said Dan DiFilippo, PwC's global and US data and analytics leader.

Some of the key findings in the survey were:

• executives need to make important decisions in three areas: launching new products and services (31 per cent); entering new markets (17 per cent); and investing in IT (15 per cent);
• 48 per cent of companies looking to grow in new markets describe themselves as highly data driven.
• executives want decision-making to be faster, especially in banking, insurance, and healthcare. But decision-makers say there’s even more work to be done on sophistication.
• only 29 per cent of companies use predictive analytics.
• 41 per cent of leaders say important decisions will require analysis using machine algorithms.

Data is underutilised tool

“Data can be an extremely underutilised tool, and a company’s capability to access the right data, at the right time, and then look at it through the right lens, can make or break a bottom line,” said DiFilippo.

More than 2,100 executives replied to the survey. They indicated that they expect big decisions to be made faster and with more sophistication by 2020. They survey found that highly data-driven companies are using descriptive, diagnostic, predictive and proscriptive data analytics with the highest number – 36 per cent – reporting that they use predictive methods.