With Insights Limited, Data, Analytics Efforts Remain Work in Progress

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With Insights Limited, Data, Analytics Efforts Remain Work in Progress

While the majority of organizations recognize the potential benefits of analytics initiatives, most have yet to maximize these advantages, according to a recent survey from Snowflake Computing, MicroStrategy, Wipro and Harvard Business Review Analytic Services. The resulting report, titled "An Inflection Point for the Data-Driven Enterprise," reveals that relatively few companies are embedding data/analytics into all business decision-making. What’s more, organizations struggle to deliver actionable intelligence to their employees. Nearly 730 business leaders took part in the research. The following slide show presents survey highlights, with charts provided courtesy of Harvard Business Review Analytic Services and the three sponsoring IT companies.

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Limited Impact for Data, Analytics

In assessing the maturity of their data and analytics initiatives, 32 percent of survey respondents said their organization has standardized reporting and analysis, but it “tends to be static and backward-looking.” Three of 10 said they have established data governance and rules and aggregated analytics/intelligence into interactive dashboards for only “certain” critical decision-making.

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Embedded Analytics Remains Elusive

Just one-tenth of respondents said their organization has embedded data and analytics into all business processes and decision-making. Only 9 percent have done this in addition to adding predictive capabilities, and just 7 percent have accomplished both of these goals along with the adoption of prescriptive analytics to automate some decision-making.

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Companies Struggle to Extract Insights

Eighty-six percent of respondents feel it is “very important” for their organization to extract new value and insights from existing data/analytics applications. But just 30 percent said their company is “very effective” at doing this.

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Higher Performance, Scalability Sought

Nearly four of five respondents said it is “very important” for their company to deploy analytics with high performance and scalability. However, just 27 percent rate their organization as “very effective” in these efforts.

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Data Access, Aggregation Bring Challenges

Survey findings indicate that 78 percent of respondents believe it is “very important” to easily access and combine data from a variety of external sources. But only 23 percent said their company is “very effective” at this.

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Employees Require More Useful, Customized Intelligence

Three-quarters of respondents said it is “very important” to deliver actionable, customized intelligence to employees throughout the enterprise. Yet, just 24 percent describe their organization as “very effective” in attempting to do so.

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Customer Visibility Drives Enterprise Advancements

In transitioning their organization into a more data-focused, intelligent enterprise, 77 percent of respondents ranked “better insight into customer needs and expectations” as the most “important” consideration. “Faster, more effective decision-making” ranked No. 2 as the most important consideration, as cited by 70 percent of respondents.

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High Hopes for Achieving Data Visions

Nine of 10 respondents have no less than a “mid-level” degree of confidence that their organization will achieve its vision of a data-driven enterprise within the next five years. And 41 percent said they have a “high” degree of confidence that their company will reach this goal.

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Advanced Analytics Leads Transformational Technologies

Advanced analytics ranks as the top tech capability for a digital transformation, cited as “very important” by 87 percent of respondents. Other top tech capabilities included digital identity/security (cited as “very important” by 81 percent of respondents), big data collection (74 percent), cloud computing (70 percent) and machine learning/artificial intelligence (also 70 percent).

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Silos, Legacies Present Major Hurdles

Organizational silos present the biggest barrier to digital transformation, as cited by 38 percent of respondents. Legacy processes ranked second, as cited by 34 percent of respondents, followed by a lack of key digital/data analytics skills (33 percent) and a resistance to change (31 percent).

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How Complexities—and a Lack of Data Access—Create Analytics Issues

While organizations plan to ramp up analytics spending, IT and business decision-makers admit that they aren’t unleashing the full potential of these solutions due to, among other factors, their technical complexities.