Majority of Companies Lack Tools and Investment Necessary for Analytics Usage in Business
"This study underlines the need for continued focus and investment," said
"All analytics are not created equal," said
Key findings include:
Tools and best practices needed
Despite the growth in consumption and use of data, there is surprisingly little sophistication in how data is analyzed. Twenty-three percent of those surveyed are still using spreadsheets as their primary means for data work. Seventeen percent are solely using dashboards that go little beyond spreadsheets. While only 41% use predictive models and/or advanced analytical and forecasting techniques, even more astonishing, 19% of respondents use no analytical tools more complicated than basic data models and regressions.
The need for better data
Twenty-four percent cited data quality and accuracy as a major obstacle to the success of their analytics efforts. Only 42% of analysts and users of data in marketing reported they were confident in the quality of their data. Among all functions working with third parties, 52% said they use third-party data partners to help them fill in gaps with their own data, demonstrating issues with data quality across all business units.
Lack of skills impeding analytics success
Twenty-seven percent cited skills gaps as a major blocker to their current data and analytics efforts. Fifty-two percent reported working with third-party data vendors to address this very lack of skills. Further, 55% of those surveyed said that third-party analytics partners execute work of higher quality than analytics work completed in-house, showing both a dearth of analytics excellence among in-house analysts and a shortage of skilled workers.
Lack of investment
Survey respondents listed lack of budget and issues with technology as the top impediments to achieving their data strategies. While business use of data is growing, investment in skilled personnel and technology is falling behind.
CFOs look to data for strategic insight
Sixty-three percent of those in the finance function said they are using data and analytics to find opportunities to fund business growth; 60% of respondents said they use data to help drive long-term strategic planning.
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About this research
The data in this report is based on a survey of 314 senior executives across a range of industries and functions, based in the
About Forbes Insights
Forbes Insights is the strategic research and thought leadership practice of
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