Their research surveyed over 100 business leaders to understand the state of analytics maturity across today’s leading organizations.[/text_output][text_output]In addition, they aimed to uncover some of the common challenges teams are facing in their quest to use data and analytics to deliver a competitive advantage.
We’re big fans of this belief that to actually understand the real challenges surrounding business leaders, you need to speak to them
The topic of data analytics covers various different areas. Benefits include:
Managing financial risk
This part of the graphic compares the different level of maturity and shows the benefits of data analytics in the form of a leaderboard.
In addition, they provide a great data analytics definition -
‘Data driven intelligence to drive business decisions and develop strategies for penetrating markets and growing profits’
While many organisations will admit they have a long journey forward from a data perspective ‘73% of companies consider themselves to be analytically driven’.
Secondly we have the importance of trusting analytics.
Therefore, we’ll come to see that the making of decisions or targeting consumers based on inaccurate predictions will quickly erode, if not extinguish, consumer trust and shake the confidence of those executives who rely on these predictions to make informed decisions.
While the 'lack of trust' in data analytics may seem quite vague and open ended, this graphic greatly demonstrates the different confidence in different sectors.
‘Only 51% of respondents believe their C-suite executives fully support their organization’s D&A strategy’.
Following on from the introduction, this transition from mere buzzwords is really important to understand in context to objectives.
While 40% of companies worldwide use big data analytics their results can vary. According to a study by the Business Application Research Center (BARC), companies who quantify their gains from data analytics reported an 8% increase in revenues and a 10% reduction in costs.
As a result, more than vague terms like ‘productivity’ and ‘intelligence’ - ROI and measurable benefits of data analytics can be seen.
One of the great sections by ValueWalk is where they compare the identified main benefits of big data analytics.
‘With big data analytics in the cloud, organisations gain the agility and flexibility they need to get insights faster as business executives are empowered to take control of their own analytic destiny.’
The cloud is naturally geared towards data analytics, and the move to the cloud is becoming more than evident, especially across industries.
52% of cloud analytics adopters said "Yes" when asked if they are funding their projects from outside their formal IT budgets.
Summary: the benefits of data analytics come in all sizes
In conclusion, there are many different positives and approaches to data analytics. They each depend on your journey, and the objectives you need to meet.