1With 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.
2Limited 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.
3Embedded 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.
4Companies Struggle to Extract Insights
5Higher Performance, Scalability Sought
6Data Access, Aggregation Bring Challenges
7Employees Require More Useful, Customized Intelligence
8Customer 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.
9High Hopes for Achieving Data Visions
10Advanced 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).
11Silos, 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).