2The Analytics Skills Shortage
Despite their deep understanding of the value of analytics, more than 65 percent of organizations lack enough professionals with the skills to analyze and glean insights from data. Without the proper skills, which include critical thinking and analytical tool training, enterprises’ capacity to take advantage of analytics’ potential is in serious jeopardy.
4Lack of Ongoing Education
Sixty-four percent of respondents do not rely on any organization for ongoing education and networking. Not only is data being generated at an exponential rate, but it is also becoming more complex. To discover opportunities buried deep within these new data sources, new tools, more critical thinking skills and ongoing training are essential for business analysts to wring value from the data.
5Lack of Funding or Resources
Eighteen percent of respondents claimed a lack of funding or resources is a main factor in preventing their organization from leveraging analytics more. For companies working with limited budgets, agile analytic tools that can deliver value without the high data management or administrative overhead of traditional tools are worthy of evaluation.
6Inadequate Executive Support
7Data Is Not Integrated
In organizations where day-to-day decisions are driven by analytics, analysts need the proper tools to react to new questions and unplanned scenarios. To do so, analysts must have the necessary data, from all facets of the organizations, at their fingertips. In fact, nearly 13 percent of respondents thought that better data models, integration and consistency would help make their jobs easier and more valuable.
8Poor Alignment With IT
10Shortage of Quantitative Skills
Math skills aren’t just in short supply for engineers and scientists; they are more important to managers and executives than ever before. In the survey, more respondents (48 percent) claimed that statistics, math or quantitative skills are the tools their organizations most urgently need to increase.
11Steps to Fix the Problem
So what can organizations do to overcome these obstacles and reap more benefits from analytics? Among other methods, organizations can implement analytic solutions that close the “skills gap.” This can be done by bringing greater analytic power, including statistical analysis and integration capabilities, to business users and solutions that can close the “trust gap” through visualizations that encourage collaboration and communication among analysts, IT managers and executives.