By Steve Cavolick
Did you know:
- 92% of companies said that analytics is important to their digital transformation
- Only 44% of respondents said their organization is using their data and analytics as effectively as it could be
- Data silos are still the #1 barrier to effectively using analytics
These are just some of the insights that companies shared with us in the LRS State of Business Analytics 2020 survey. The economic craziness of 2020 brought on by COVID-19 showed the importance of being a data-driven organization in a world that can change overnight.
But no matter how you’ve deployed analytics, you always wonder if you’re doing it the way others are. Are your peers facing the same challenges you are? How do peers measure the benefit of analytics to the organization? What are the latest technologies that will influence how analytics are used and deployed in the future?
Answers to these questions and more can be found in the full survey results here. Other key findings from the survey include:
- Improved process efficiency and cost reduction (72%), new product and service development (46%), and customer acquisition and retention (43%) are the top three benefits from analytics.
Nearly 40% said they are using analytics to reduce risk to the business, while 32% are using their data to understand how to cross-sell and upsell their customers on new products.
- Only 50% say that front-line employees have access to their organization’s data.
Employees in sales and customer service without real-time access to trusted metrics may rely on stale information or guess work for answers instead, which can affect a company's bottom line.
- AI/ML (54%) and Cloud Computing (46%) are the top technology trends that will have the greatest impact on the future of analytics.
Executives want decision making that is faster and more sophisticated. This will require the integration of more AI with human decision processing. Increasing the speed of decisions while using AI to model the future will allow for a holistic view of the business across all time horizons and greater ROI on analytics investments.
The LRS Big Data and Analytics team has over 20 years of experience deploying applications in advanced analytics, information management, and data warehousing. Not sure how to get started? Our strategic offerings can help you align business and technology teams, discover right use case, and determine an ROI. If you are interested in understanding how we can help you find value in your data, please fill out the form below to request a meeting.
About the author
Steve Cavolick is a Senior Solution Architect with LRS IT Solutions. With over 20 years of experience in enterprise business analytics and information management, Steve is 100% focused on helping customers find value in their data to drive better business outcomes. Using technologies from best-of-breed vendors, he has created solutions for the retail, telco, manufacturing, distribution, financial services, gaming, and insurance industries.