Survey: Business analytics pervasive, effective on a global scale
Business analytics has been effective in decision-making for three of four enterprises, according to a Bloomberg Businessweek Research Services survey sponsored by SAS. These organizations have benefited from increased profitability, reduced cost, improved risk management, process optimization, faster decision-making or critical performance improvements.
Contrasted with a similar study two years ago, analytics deployment is now nearly pervasive in enterprises around the globe. Nearly 97 percent of respondents say their organizations have adopted business analytics, compared to 90 percent in 2009.
“This research reflects the growing interest of organizations around the world in greater insight and better, faster decisions through business analytics,” says Jim Davis, SAS senior vice president and chief marketing officer. “Some leading companies have already embraced business analytics and experienced the benefits of lower cost, improved profitability and reduced risk. Other organizations are just starting this journey of discovery.”
According to survey results, companies gaining the most value from business analytics share several characteristics, including: a top-down embrace of analytics by senior leaders; putting the right analytic talent in place; improving data management and governance; deploying the right analytic tools; and “operationalizing” the results.
“Buying a hammer means you can drive a nail, but to build a house you need plans, skills and commitment. It’s the same for advanced analytics – tools alone will only take you part of the way,” Davis adds. “Analytic-centered organizations have gained the most value from the technology.”
The research also found:
- Eighty-eight percent of respondents believe they either have the right analytic talent in place or recognize they need to augment their analytics resources.
- Cost reduction, increased profitability and better risk management are the three most important outcomes possible with business analytics.
- Strategy/planning, finance and marketing are the top three functional areas for business analytics.
The Bloomberg Businessweek Research Services report resulted from 930 global surveys conducted across all industries in May. Approximately 30 percent of the respondents held a C-level title spread across a range of functional areas. To see the complete report, “The Current State of Business Analytics: Where Do We Go From Here?,” click here (registration required).
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