July 9, 2019, Santa Clara, Calif. – Prevedere, a predictive analytics software company delivering economic intelligence, today announced its report with Microsoft, “Improving Data Analytics: The Most Valuable First Step towards Digital Transformation.” It highlights findings from a recent joint survey and illustrates a disconnect between the plethora of data a company maintains and the forward-looking, actionable insights desired by executives.
According to the analysis, which is based on responses from over 200 C-Level and VP Level executives, three major themes emerged: 1) executives have little time to be strategic, 2) external data is critical for planning, yet underused, and 3) processing data to drive meaningful insights remains a challenge and a top priority. Dealing with these challenges is imperative for executives to gain a confident view of their company’s future performance and to begin the journey of Digital Transformation.
“The survey results identified gaps executives are currently facing regarding their data and analytics programs including having the right software, converting data into insights, gathering internal and external data, and access to global data,” said Rich Wagner, CEO of Prevedere. “Our software not only collects and curates nearly 3 million global data series, but also quickly identifies leading indicators specific to a company and fuels insights to drive business decisions.”
- Executives are tactical and reactive 60% of their time each day, which may be the result of not having the right strategic insights.
- Over 64% of respondents say having the right data integrated within their planning process would improve their financial forecast, with 36.8% of those surveyed saying it would “greatly” improve results. Unfortunately, more than 2/3 of companies surveyed incorporate external data less than 50% of the time during forecast and planning activities.
- When asked in terms of data what hinders executives’ business planning process, nearly 46% say having the right software to collect and synthesize data.
“As executives strive to move towards a data-driven culture and truly transform their organizations, the initial phase should be to empower teams to turn data into predictive analytics using technology such as machine learning,” said ShiSh Shridhar, Worldwide Director, Retail Business Strategy at Microsoft. “Together, Prevedere and Microsoft offer executives a clear, concise, and ROI-driven ‘first step’ on the Digital Transformation Roadmap.”
To read the full complimentary report, visit https://www.prevedere.com/insights/reports-and-downloads/2019-executive-survey/
Prevedere was named in the 2017 Red Herring Top 100 Global Company and the Best Business Intelligence Reporting & Analytics Solution of 2017 by the SIIA CODiE Awards. Prevedere was also mentioned in the September 2018 Gartner Cool Vendors in Information Innovation report.
Prevedere is an innovator in predictive analytics that empowers enterprise executives with insights into future business performance based on current economic and consumer trends. Companies can see what is coming, solve for emerging risks and opportunities, and succeed in an ever-changing world. Our cloud-based solutions deliver real-time, forward-looking insights by applying the power of machine learning and predictive modeling to more than 2.5 million global data sets. Prevedere customers include Fortune 500 companies in the retail, manufacturing, and consumer packaged goods industries. To learn more, visit www.prevedere.com and follow @Prevedere on Twitter.