Advanced Analytics Tools Offer a Competitive Edge

 
 
By Dennis McCafferty  |  Posted 07-11-2017 Email
 
 
 
 
 
 
 
 
 
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    Advanced Analytics Tools Offer a Competitive Edge
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    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.
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    Major Influence
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    Major Influence

    71% of the global executives surveyed said that at least half of their company's business decisions are based on analytics.
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    Well-Done
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    Well-Done

    Just 42% said they felt strongly that their organization was deploying properly organized analytics functions.
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    Old School
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    Old School

    40% of the global executives surveyed said their company still uses basic tools such as spreadsheets to do analyses.
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    Rare Finds
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    Rare Finds

    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.
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    Biggest Analytics Challenges
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    Biggest Analytics Challenges

    Budget issues: 33%, Technology issues: 32%, Security concerns: 28%, Skills gaps: 27%, Governance and data management: 26%
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    External Assist
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    External Assist

    55% of the global executives surveyed said they outsource at least some of their analytics work to outside vendors.
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    Added Edge
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    Added Edge

    Of those who outsource analytics, 55% do so because the vendors deliver superior work, and 52% said outsourcing allows them to compete more effectively.
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    Next Wave
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    Next Wave

    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.
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    Financial Side
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    Financial Side

    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.
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    Market Gain
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    Market Gain

    58% of the CMOs surveyed said they use data analytics to find new customers, and 55% said they use it to create sales leads.
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    Critical Insights
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    Critical Insights

    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.
 

While analytics is driving a majority of business decisions today, only a minority of executives feel strongly that their organization is deploying sophisticated analytics, according to a recent survey from Dun & Bradstreet and Forbes Insights. The resulting report, "Analytics Accelerates into the Mainstream: 2017 Enterprise Analytics Study," indicates that companies lack the kind of advanced analytics solutions that can provide a competitive advantage, including those that produce predictive insights based on both internal and external data. Meanwhile, budget and technology issues continue to present significant challenges to progress in this area. To fill in the gaps, most organizations are outsourcing at least some of their analytics work to outside vendors. To fully address analytics needs, however, they will have to commit to more advanced technologies and processes that incorporate data-driven strategies enterprisewide. "It is no longer enough to just employ a few analysts and data scientists and leave them in a silo," according to the report. "Today's business world demands that analytics best practices, technology and personnel power every business function, and thus today's C-suite needs to make the right data investments in these areas. More importantly, the C-suite and all business leaders need to spearhead a wholesale cultural change across the enterprise to help drive adoption and utilization of advanced analytics. Data analytics is the new competitive differentiator. Business leaders that grasp this and commit to it will succeed. Those who delay do so at their own risk." More than 300 global executives took part in the research.

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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