The last four levels, which support pro-active decision-making, keep innovation and optimization on track. These are predictive in nature and keep things "headed in the right direction," he said.

It is the last four that "are really going to help change the future" for business, said Davis.

But analytics alone doesn't guarantee success for an organization.

To actually solve business problems, companies must address areas of data integration, analytics, report the results and put it all in the context of a business solution, according to Davis.

While this requires a framework to capture data and allow people to gain access to that data on a consistent basis, "it's not about simply building a data warehouse and putting a BI front end on it," he said.