By | Scott Castle | techrseries-com.cdn.ampproject.org
It’s fair to say that since the pandemic, investment in data and analytics is no longer seen as a ‘nice to have’ but critical in maintaining business operations. A recent State of BI & Analytics Survey of over 460 data professionals across Australia and New Zealand Nearly showed almost all (99.5%) are developing new use cases for data to maintain business continuity.
We’ve now learned that data is a strategic asset that, when infused throughout an organization, becomes an unmatched competitive advantage. Companies that have invested in data technology and education are quickly outpacing those that don’t. In fact, the survey showed 47% of data professionals across the ANZ region are using data to improve efficiency, 40% to identify new revenue streams, 29% to optimize supply chains and 29% to reduce expenses.
As a result, today’s leading executives are choosing to invest more in business intelligence every year in order to better adapt to the evolving competitive landscape. In fact, the survey showed 67% of respondents said BI and analytics programs are more important or much more important to their daily operations today, and 55% of companies are using data sources, analytics and dashboards more often or much more often than before COVID-19.
On a global level, Gartner further reports that even during a pandemic, most executives accelerated investments in data analytics.
Despite this increase in spending, however, executives report the adoption of analytics is at a standstill, and they have yet to realize the long-term benefits of their investments. According to NewVantage Partners, the biggest hindrance to increasing the adoption of analytics is the inability to build a data-driven culture throughout the organization. Just a quarter of companies report that they achieved their goals of forging a data culture and creating a data-driven organization.