Just 39% of firms put analytics at core of business strategy
SAS survey shows businesses appreciate value of analytics, but fail to make it part of business strategy
A new study by SAS shows that while organisations understand and appreciate the value that analytics can offer their business, only around one-third have put analytics as core to their business strategy.
The global survey of analytics and IT professionals found that 72% of organisations believe analytics generates valuable insights, and 60% says analytics makes them more innovative, only 39% say it is a part of business strategy, and 35% report analytics is only used for tactical projects.
Sixty-five percent of respondents said that they are not getting the full value out of their investment in analytics
The study was compiled from indepth interviews with 132 business and government organisations across EMEA and an online survey.
Organisations are putting more priority on analytics, particularly due to the adoption of new technologies such as AI and IoT, and organisations are gaining more benefits. Twenty-seven percent of respondents said that analytics had helped launch new business models.
Marcel Yammine, General Manager at SAS Middle East, said "During our conversations with regional business leaders, challenges during a ramped-up analytics and AI journey include the need for an analytics platform, and improved availability of skillsets around data science and analytics. AI is fast-emerging in the region as a key tool for digital transformation, and this calls the need for improved analytics into focus. Through these findings, it is clear that as analytical workloads increase and AI becomes more mainstream, a comprehensive analytics strategy is the ideal route for success."
"The findings show a strong desire in the business community to boost competitive insight and efficiency using analytics," said Adrian Jones, Director of SAS' Global Technology Practice. "The majority recognize that effective analytics could benefit their organisations, particularly as they develop their ability to deploy cutting-edge AI. But the number of those effectively using analytics strategically across the organisation could be much higher."
The survey also considered the use of analytics platforms. Many respondents said that they struggle to manage multiple analytics tools and data management processes. Views differ on the role of an analytics platform: most (61%) believe it's to extract insight and value from data, but many are split on its other purposes or benefits, such as better governance over data, predictive models and open source technology. Fifty-nine percent believe another role of an analytics platform is to have an integrated or centralized data framework, while 43% believe it's to provide modelling and algorithms for AI and machine learning.
"If they are to achieve success, organisations must put analytics at the heart of strategic planning and empower analytics resources to drive innovation using a unified analytics platform," said Jones.
The same is true when considering the future. Analytics teams are more confident (66%) of their ability to scale to meet future analytics workloads, compared to those in standard IT roles (59%).