Forrester Study: Companies Using Data Science Platforms Are Surpassing The Competition
Companies that regularly exceed shareholder expectations have something in common: 88% of them use a fully functional platform to do data science work. Get the white paper from Forrester to learn more.
By Ian Swanson, DataScience.com Sponsored Post.
To better understand the attributes, practices, and tools associated with companies that are using data to get ahead, my company, DataScience, Inc., commissioned Forrester Consulting to speak with more than 200 decision makers in business and customer insights, data science, and data engineering roles. We’ve now released the findings of that study, among which are statistics that show data science platforms are helping disruptive companies get a leg up on the competition.
While conducting research for “Data Science Platforms Help Companies Turn Data Into Business Value,” Forrester Consulting found that 88% of the companies it defined as “Insights Leaders” — businesses that embed analytics and data science into their operating models to bring actionable knowledge into every decision — use a centralized platform to do data science work. The full study is available for download here.
Insights Leaders are in the minority (22%), but are two times more likely to be in a market-leading position in their industries than “The Pack” or “Insights Laggards,” the other two groups evaluated. Leaders were found to have significantly higher revenue growth and profits that exceed company and shareholder expectations, and data science and data science platforms were found to be a primary focus and competitive advantage.
Forrester also found that because platforms unify technology and infrastructure, they help address tool sprawl — the number one business challenge cited by respondents. In fact, 46% of respondents said they lack an integrated approach to their data science technology stack. Platforms create institutionalize knowledge and promote collaboration, which is crucial in a market with widespread talent scarcity and retention concerns.
Insights Leaders, in addition to being the most likely to use a centralized data science platform, also outstrip their peers in other key areas: 62% of them have a data science development plan in place compared to only 29% of The Pack and 28% of Laggards, and they allocate much larger budgets to advanced analytics.
The small group of companies that are Insight Leaders are realizing the full business potential of their data science teams and are disrupting not only established market leaders, but entire industries. If you’re building data science capabilities and want your team to become a key competitive advantage for your organization, the time is now to adopt a data science platform, or prepare to lose market share to companies that are giving their teams the tools they need to deploy models and insights at scale.
Whether a company is an Insights Leader or Laggard, Forrester found that businesses ultimately agree on the importance of data science. In fact, 99% of respondents consider data science an important discipline to develop, and 74% of survey respondents consider data science among their most important initiatives. But working across an abundance of tools that don’t integrate efficiently — as well as focusing too much on data collection and not enough on action — makes data science out of reach for many companies. Data science platforms can help.
We’re excited about the growing demand for data science platforms shown in this research study and are witnessing first hand the transformation of our own customers as they implement our platform. We built the DataScience Cloud to empower the forward thinking organizations who believe in the potential of their data science teams and we are thrilled to serve as the leading data science platform and partner to help them realize that potential.
To learn more about the DataScience Cloud, visit datascience.com.