Most companies use analytics to make business decisions, but very few invest in advanced data tools that provide predictive insights and a competitive advantage.
While analytics is driving a majority of business decisions today, only a minority of executives feel strongly that their organization is deploying sophisticated analytics, according to a recent survey from Dun & Bradstreet and Forbes Insights. The resulting report, » Analytics Accelerates into the Mainstream: 2017 Enterprise Analytics Study, » indicates that companies lack the kind of advanced analytics solutions that can provide a competitive advantage, including those that produce predictive insights based on both internal and external data. Meanwhile, budget and technology issues continue to present significant challenges to progress in this area. To fill in the gaps, most organizations are outsourcing at least some of their analytics work to outside vendors. To fully address analytics needs, however, they will have to commit to more advanced technologies and processes that incorporate data-driven strategies enterprisewide. « It is no longer enough to just employ a few analysts and data scientists and leave them in a silo, » according to the report. « Today’s business world demands that analytics best practices, technology and personnel power every business function, and thus today’s C-suite needs to make the right data investments in these areas. More importantly, the C-suite and all business leaders need to spearhead a wholesale cultural change across the enterprise to help drive adoption and utilization of advanced analytics. Data analytics is the new competitive differentiator. Business leaders that grasp this and commit to it will succeed. Those who delay do so at their own risk. » More than 300 global executives took part in the research.
