Despite the wide availability of great business intelligence tools, many organizations still struggle with gaining insights from data and analytics. Read on for the findings from our recent survey of IT professionals.
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Why Companies Struggle With Data and Analytics
- Lagging ROI: 97% of survey respondents said their organization uses data and analytics (D&A), but less than one-fifth are satisfied with the insights these tools provide.
- Data Difficulties: 58% said their company struggles to evaluate data quality and reliability, and just 14% said they have the talent and capabilities required to fully leverage D&A.
- Hidden Opportunity: Less than 25% said their organization uses D&A to identify new revenue streams.
- One-on-One: Just 31% said their company uses these tools to drive individualized marketing.
- Present Tense: Only 16% said their organization takes advantage of D&A to predict future trends.
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How to Drive Greater Revenue from Data and Analytics
The advantages of D&A are clear: 86% of respondents say it helps them make faster business decisions; 80% say they’re making more accurate business decisions, and 67% note reduced business risk.
Looking to improve the way your business handles data and analytics? Here are some tips:
- Top Techniques: 84% of respondents suggest improving data analysis techniques; 66% say to increase adoption throughout the business; and 66% say to improve data capture
- Regular Deployment: 63% said their business uses D&A on a monthly basis for decision-making, and 7% said they use it daily.
Eighty-one percent of survey participants said their company has improved its understanding of customers through D&A, and 50% said they’ve increased sales thanks to these tools.
Seventy-two percent said their business makes “regular” or “heavy” usage of social media data to improve customer relationships, and 41% said their organization creates more tailored offers to prospective customers through D&A.
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