BCG: Number of Data-Mature Companies Quadruples
November 19, 2021
growth rate of companies' data maturity has almost doubled since 2018,
from 8% to 15%. Thirteen percent of companies are at the highest level
of data maturity in 2021, compared with only 3% in 2015, according to a
survey of more than 1,100 companies across industries worldwide
conducted by Boston Consulting Group (BCG). The article titled
"Is Your Company Gaining Momentum in Data?"
is being released today.
The survey, the third in a series conducted by BCG since 2015, asked
respondents to evaluate their level of maturity and set target
aspiration levels for the following three years. Using a scale of one to
five, participants assessed themselves on seven core data capabilities,
which collectively encompass 40 competencies. BCG's analysis shows that
advances in all capabilities have contributed to companies' growth in
data maturity since the previous survey in 2018, but particular gains
were made in core areas such as data governance, data platforms, and
ecosystems and partnerships. However, a gap between champions and
laggards remains across all capabilities.
"We were encouraged to see that building data capabilities remained at
the top of the corporate agenda despite the COVID-19 pandemic," said
Elias Baltassis, a BCG GAMMA partner
and director and coauthor of the study. "Companies that leverage data to
its full potential can generate unique insights that lead to smarter
decisions, smoother processes, and a significant competitive advantage
over their peers. But to do that, they must seize the growth momentum in
what is a very fast-moving environment as the pace of technological
development continues to accelerate."
Data collected from operations can
also be a business to itself. According to IRI SVP David Friedland, a
leader in the company's
Voracity data management platform
initiatives, "digital business can involve the monetization of that
data, or its aggregate information, to help other companies make better
This article on opportunities in digital business
mirrors what West Monroe analyst Doug Laney has long explained around
the business of "infonomics" and maps that back to how Voracity can help
govern and package that data for analytics and value.
Companies in the technology and telecommunications, financial
institutions, and consumer industries continue to lead in data maturity,
compared with other industries, but significant gains were made in the
energy and public sector spaces. Each showed improvement, 23% and 25%,
respectively, in data maturity since 2018; many policymakers' increasing
focus on digital government services may be a key driver for public
sector growth. By contrast, the automotive industry showed little
progress, despite producing vehicles that are increasingly digital.
While the US strengthened its lead as the most data-mature country,
Asian countries are increasingly closing the gap. China and Singapore
registered 20% and 22% growth, respectively, since 2018.
are setting ambitious growth targets—as high as 30% across all seven
core data capabilities—with many hoping to achieve state-of-the-art
capabilities over the next three years. However, that is double the
growth rate seen over the past three years. Top-performing companies set
more-realistic targets of about 15% growth that they successfully hit.
By contrast, less mature companies often set higher targets that they
are unable to reach.
"Focusing on setting achievable targets is key to closing the gap
between data champions and laggards," said
Antoine Gourévitch, a BCG managing
director and senior partner and coauthor of the study.
"Companies that build their data maturity incrementally across all seven
capabilities, and with a focus on specific business priorities, reap the
rewards in the digital transformation race," added Sylvain Duranton, a
BCG managing director and senior partner, BCG GAMMA's global leader, and
coauthor of the study.