Minding the analytics gap

Abstract

Senior executives increasingly recognize the importance of analytics to creating business value. XL Group plc, a global insurance and reinsurance company based in Dublin, Ireland, is a case in point. Like others in the insurance industry, XL has long relied heavily on data analysis to understand and price its products. XL produces increasingly complex analytics, and demand for analytical insights progressively permeates the organization. To understand the challenges and opportunities associated with the use of business analytics, MIT Sloan Management Review, in partnership with SAS Institute Inc., conducted its third annual survey of 2,719 business executives, managers and analytics professionals from organizations located around the world. The survey and interviews reveal a sizable gap between the production and consumption of analytics. Furthermore, this gap persists and may even grow as organizations mature analytically. Producers of analytics will likely continue to improve their ability to make more sophisticated analytical results, so managers need to find ways to become comfortable making decisions based on analytical results that they do not fully understand

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