Data analytics important to nearly two-thirds of European companies

These findings come from a survey released by BSA | The Software Alliance. It suggests data tools have become catalysts for innovation and growth in large, medium-sized and small organizations throughout the European economy.

“It’s not just technology companies that are taking advantage of data tools to innovate and grow — it’s companies of all types and sizes across the entire economy,” said BSA President and CEO Victoria Espinel. “Data innovation helps companies do what they do in new and better ways. They are using data to find insights, answers and innovative solutions to problems large and small. That has far-reaching benefits.”

The survey, conducted by Ipsos Public Affairs, polled more than 1,500 senior executives and business decision-makers in the US and across 10 European countries. Among the European findings:
• Nearly two-thirds of senior executives in Europe (65 percent) say data analytics are important to their companies. That includes 62 percent of small companies with 50 or fewer employees, according to senior executives. In medium-sized companies (those with 51 to 500 employees), 79 percent of European executives say data analytics are important. In large companies (those with more than 500 employees), 82 percent of European executives say data analytics are important.
• Data analytics are creating jobs. Fifty-eight percent of senior executives in Europe say data analytics are important to their companies’ plans to hire more employees.
• Data analytics help companies better serve their customers’ needs. Eighty percent of senior executives in Europe say data analytics are important to their companies’ plans to better serve customers, while 72 percent say data analytics are important to their companies’ plans for creating new products or services.
• Data analytics will spur significant growth in the next five years. Thinking about this year, 24 percent of senior executives in Europe say they expect 10 percent or more of their companies’ growth to be related to data analytics. Looking ahead five years, 43 percent of senior executives in Europe make the same prediction.

“This survey shows how widespread the impact of data innovation is in the modern economy,” said Espinel. “Companies of all types and sizes are using data tools to create new products, serve customers, add jobs and grow into new markets. It is a hugely beneficial trend for customers, the economy and society at large.”