A new survey by TechRepublic revealed the importance of business intelligence and data analytics tools.
Indeed, the study showed that using analytics could be very beneficial to businesses, as they could maximize opportunities, mitigate future risk, meet deliverable milestones, and gain a competitive advantage. It was reported that data analytics is a major key for successful enterprises. It is expected that this trend will continue as 79% of respondents stated that their companies used analytics.
Moreover, over 40% of participants declared that their companies used analytics mainly for operational or sales and marketing purposes. Meanwhile, it was revealed that using analytics tools would help improve strategic decision-making, improve knowledge about customers, reduce operational cost, and improved sales. The survey also showcased that dashboards were the most popular data analytics tool used, followed closely by reporting tools, and visualization tools.
The biggest challenges to adopting analytics are a lack of in-house talent, skill, or business knowledge about the tools, as well as budget constraints or lack of executive buy-in.
Finally, it was stated that the majority of executive management teams saw value in their deployed analytics, while another 41% declared that their executive management team was more excited about the potential of analytics than the previous year.