There is a new generational gap emerging in the world of business, driven by a group of organisations we fondly refer to as “Generation D” — for data, which sits at the very heart of how these organisations think and act.
The bad news is, according to the statistics, chances are you’re not working for one of them. The good news is, unlike many generational trends this is not related to age, so there is hope yet.
We know that data and analytics has the potential to impact how we work each and every day, and is already being used to transform entire industries for the better. Generation D organisations are data-rich, analytically driven, and setting new benchmarks in business performance.
Of more than 1,000 organisations that were interviewed this year, 7 out of 10 said they have more than enough data to get better insight into their business. And yet, only 1 in 5 organisations today use predictive and prescriptive analytics to make use of that data and support better decisions, more often.
Gen-D use analytical insight, cloud computing, and systems of engagement very differently to their counterparts. They are 3x more likely to excel at knowing their customers and marketplace, 2x more likely to automate process and decisions based on insight, and 2x more likely to engage customers via digital channels such as social media and mobile devices.
And the effort is really paying off. Gen-D have an impressive scorecard in comparison to their peers:
Share of wallet: ↑ 10 pp
Customer retention: ↑ 6 pp
Promoter/advertising scoring: ↑ 17 pp
Rate of new product and service development released to market: ↑ 13 pp
Employee retention: ↑ 6 pp
Revenue through digital channels: ↑ 13 pp
Gen-D are also 4x more likely to find new revenue streams, 3x more likely to create new markets, and 3x more likely to achieve operational efficiency — strategies that are crucial to survive and thrive in the current world of business.
Which begs the question, if you’re not working for a Gen-D organisation, isn’t it time you did?
Read the full study by IBM Center for Applied Insights, published here.