Survey finds data analytics too slow to deliver value for most companies
BEDFORD, Mass., June 29, 2015 /PRNewswire/ -- Data Intensity today announced the results of a survey it conducted with Researchscape International to gauge the current state of data analytics and what hurdles enterprises have yet to overcome. The study revealed that the majority (63%) of business-to-business (B2B) companies polled are frustrated by the amount of time it takes to attain the meaningful reports and data insights they seek to make more informed business decisions. It also revealed that most companies believe data analysis-as-a-service – in which the technology and underlying data science are provided by a service provider – would help address this critical business challenge.
The survey was conducted from February to March 2015, and was completed by more than 200 B2B respondents in a variety of roles – including C-level executives, directors and vice presidents – across industries such as IT, general management, finance, sales, marketing, operations and human resources. Key findings include:
Despite Significant Enterprise Spending on Analytics, Obtaining Meaningful Value from Business Data is a Major Obstacle
"It's essential that enterprises build strong platforms for supply chain analytics to better understand their customers and markets and compete on a global basis. The problem is that analytics must constantly evolve to meet demanding data and business requirements," said Paul Grone, CIO of Totes Isotoner, the world's largest marketer of umbrellas, gloves, slippers and other weather-related accessories and a Data Intensity customer. "The findings of this study underscore the challenges that organizations, such as our own, are experiencing each day – businesses need more options for how to solve these problems; it's much more complicated than just adding more resources to the team."
The Idea of an Analytics Software and Service Solution Was Highly Rated; Data Analysis-as-a-Service Capabilities Identified as Most Desired Component
The survey also asked what services respondents would want the solution to include. The majority (58%) indicated data analysis-as-a-service was most desired. Other services ranked as follows:
Majority Deem an Analytics Software and Service Solution Both Beneficial and Relevant to Their Business
"Traditional models for data analysis are hard to buy, use and manage because they require many individual components, disparate solutions and complex architectures, making it extremely difficult for companies to access data and maximize its value," said John Bostick, president of Data Intensity's Analytics Division. "These study findings underscore the market need for data analysis-as-a-service, and not a plug-and-play tool, but a custom analytics solution in the cloud that will truly give them the ability to capitalize on their data."
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