EVALUATING DATA ANALYTICS ADOPTION IN SELECTED COMPANIES OF THE FINANCIAL SECTOR IN THE REPUBLIC OF NORTH MACEDONIA
Journal
Horizons - International Scientific Journal, North Macedonia
Date Issued
2020-02-25
Author(s)
DOI
DOI 10.20544/HORIZONS.A.25.2.20.P02
Abstract
Abstract
Data analytics has become one of the driving forces for digital
transformation efforts of companies around the world (Keary, 2019).
Nowadays, in a highly digitized environment, companies generate data
across different sources which is increasing rapidly in volume, variety and
velocity. There is no doubt that companies can use these datasets for creating
a more efficient services that deliver a more targeted customer experience.
Hence, the importance of data analytics has become essential for
organizations to find new opportunities and gain new insights to run their
business efficiently.
Emerging literature and the empirical evidence suggest that companies from
the financial services sector have a lot to gain by adopting data analytics
(minimize risks, detect fraud, improve credit risk management, improve
marketing activities in real time etc.).
In spite of that, companies in the country are still in the early stages of
adoption of data analytics technologies. This research is a pilot study and
represents the first attempt to assess the data analytics adoption maturity in
selected companies of the financial sector in the country.
22
The methodology used in this research for evaluating data analytics adoption
is based on Maturity Model for Data and Analytics (IT Score for Data and
Analytics) (Gartner, 2017), since it best describes maturity levels in service
sectors. The assessment is founded on interviewing managers using
questionnaire that guides respondents through all dimensions and levels
proposed by the model. In the model four measurement areas are analyzed:
Strategy, People, Governance and Technology. For each area, five maturity
levels are defined: Basic, Opportunistic, Systematic, Differentiating and
Transformational. Survey results confirmed that analyzed companies fully
understand the benefits of data and analytics as valuable source to gain
competitive advantage from data and the overall level of data and analytics
maturity is set on level 2 for almost all dimensions.
Data analytics has become one of the driving forces for digital
transformation efforts of companies around the world (Keary, 2019).
Nowadays, in a highly digitized environment, companies generate data
across different sources which is increasing rapidly in volume, variety and
velocity. There is no doubt that companies can use these datasets for creating
a more efficient services that deliver a more targeted customer experience.
Hence, the importance of data analytics has become essential for
organizations to find new opportunities and gain new insights to run their
business efficiently.
Emerging literature and the empirical evidence suggest that companies from
the financial services sector have a lot to gain by adopting data analytics
(minimize risks, detect fraud, improve credit risk management, improve
marketing activities in real time etc.).
In spite of that, companies in the country are still in the early stages of
adoption of data analytics technologies. This research is a pilot study and
represents the first attempt to assess the data analytics adoption maturity in
selected companies of the financial sector in the country.
22
The methodology used in this research for evaluating data analytics adoption
is based on Maturity Model for Data and Analytics (IT Score for Data and
Analytics) (Gartner, 2017), since it best describes maturity levels in service
sectors. The assessment is founded on interviewing managers using
questionnaire that guides respondents through all dimensions and levels
proposed by the model. In the model four measurement areas are analyzed:
Strategy, People, Governance and Technology. For each area, five maturity
levels are defined: Basic, Opportunistic, Systematic, Differentiating and
Transformational. Survey results confirmed that analyzed companies fully
understand the benefits of data and analytics as valuable source to gain
competitive advantage from data and the overall level of data and analytics
maturity is set on level 2 for almost all dimensions.
Subjects
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