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Economist Intelligence report: Fast data access and analysis is key to competitive advantage

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Krystal
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LONDON, ENGLAND: Executives who consider their company competitive in its ability to use data are also more likely to report the ability to access and leverage data quickly, according to The power of fast data, an Economist Intelligence Unit report, sponsored by the SAP Services organisation. The research paper draws on two global surveys, one of 400 executives in September 2013 and another of 353 executives in April 2012, as well as in-depth interviews with experts and executives.

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While the responses to the two surveys are similar in many respects, the 2013 survey reveals eroded confidence in companies' data-use abilities, which we attribute to growing pains and a clearer-eyed view of the challenges as executives delve deeper into the hard work of implementation.

Only 40 percent of respondents to the 2013 survey consider their company's ability to leverage data ‘industry leading' or ‘competitive', down from 50 percent in 2012, while slightly more call it ‘inadequate' or ‘completely inadequate'. Fewer believe their company has processes in place to access data in a timely fashion (54 percent, down from 66 percent in 2012).

The more recent survey also shows that implementation concerns are shifting. While budget limitations remain the top challenge to timely analysis, fewer executives cite cost or budget as a primary obstacle (36 percent, down from 50 percent); more cite a lack of available or trained personnel (30 percent, up from 20 percent).