Using a global survey of more than 2,500 business executives, the report identified “analytical innovators”. Companies in this category reported both strong competitive advantage and improved innovation.

In addition, analytical innovators were more likely to have seen analytics cause a shift in the power structure of their organisations.

“This is a significant finding, in that power shifts can be disruptive. They often call into question experience and intuition that managers and employers have built up for years,” said David Kiron, executive editor for MIT Sloan Management Review.

He added: “Now, those who know how to marshal the data and put analytics behind their decision making are in a position of advantage.”

• Download the full report: From Value to Vision, Reimagining the possible with data analytics.