Advanced Analytics Tools Offer a Competitive Edge
Most companies use analytics to make business decisions, but very few invest in advanced data tools that provide predictive insights and a competitive advantage.
71% of the global executives surveyed said that at least half of their company’s business decisions are based on analytics.
Just 42% said they felt strongly that their organization was deploying properly organized analytics functions.
40% of the global executives surveyed said their company still uses basic tools such as spreadsheets to do analyses.
Just 17% said they use more advanced, predictive models that combine internal and external data, and only 15% use advanced solutions that forecast and anticipate change.
Budget issues: 33%,
Technology issues: 32%,
Security concerns: 28%,
Skills gaps: 27%,
Governance and data management: 26%
55% of the global executives surveyed said they outsource at least some of their analytics work to outside vendors.
Of those who outsource analytics, 55% do so because the vendors deliver superior work, and 52% said outsourcing allows them to compete more effectively.
57% of the respondents think internet of things (IoT) analytics will provide value to their company over the next 12 months, and 54% said the same about analytics-as-a-service offerings, such as self-service tools.
63% of the CFOs surveyed said they use data and analytics to find opportunities to fund business growth, and 60% said they use the data to help drive long-term strategic planning.
58% of the CMOs surveyed said they use data analytics to find new customers, and 55% said they use it to create sales leads.
37% of the chief procurement officers surveyed said they need analytics to better understand their supplier spend, and 33% use the data to manage financial risk among vendors.