Analytics spending is on the rise: Here’s how to make the most of it

by | Sep 13, 2022 | Technology

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As the modern business landscape continues to evolve, enterprises are racing toward data-driven approaches to drive differentiation and growth. A lot of focus is on analytics, with a significant number of organizations looking at it to gain insights for improved decision-making. 

The demand is such that almost 73% of 1500 business leaders surveyed by analytics automation company Alteryx and IDC see spending on analytics, and the technologies driving it, outpacing other software investments in the next 12 to 18 months. At the same time, many respondents also claimed that only about half of their business decisions are currently based on analytics — suggesting there is a significant gap that needs to be addressed in order to drive higher ROI from analytics investments.

4 dimensions of analytics proficiency 

To answer where enterprises might be lagging behind and what they should focus on, IDC and Alteryx looked closely at companies witnessing higher analytics ROI across key business metrics, including those focused on financial, customer and employee aspects. An in-depth analysis revealed a correlation with four key dimensions: Comprehensiveness, flexibility, ubiquity and usability. 

Under comprehensiveness, the survey suggests that organizations have to focus on unlocking the value of all data types and sources that are available to them. Essentially, the survey found that 90% of the organizations witnessing improved customer metrics were either good or great at utilizing all data sources, while a significant 84% looked at all data types. This aspect ties directly to well-defined data accessibility and governance policies.

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