It reveals that 40% of businesses are already using data analytics in key business functions, such as sales, product development and marketing, with 23% planning to implement it within the next 12 months. This is despite a third of businesses stating several barriers to adoption.
The commissioned study surveyed a global sample of more than 580 business and IT decision-makers from 11 industry sectors, across three continents.
Forrester predicts that this trend for Data Analytics adoption will increase within the next 3 years to nearly 90% of companies using data-driven business insight by 2020. In terms of barriers, 44% of respondents see the increase in the variety of non-structured data types as a significant challenge, while 35% are concerned about traditional siloed data practices and the lack of alignment between IT and business functions.
However, most businesses are taking action to remedy this with the majority of companies interviewed highlighting the following initiatives as critical priorities over the next 12 months: improve IT’s relationship with the business (71%) and reorganize IT to better align with the business (66%).
Ursula Morgenstern, Atos ESVP for Business and Platform Solutions, observes, “The pace at which an organization benefits from data analytics is determined as much by business issues as by technology. That’s why at Atos we put the emphasis on a business-led approach with Atos Codex, our offering for business driven analytics that leverages the Atos expertise in IoT and cognitive solutions.”
The research examined the ambitions and priorities of eleven industry sectors. We believe it revealed a clear emphasis on different market-specific priorities depending on sector. In the utility sector, for example, data analytics is seen as a pre-requisite in the development of smart grids, whilst in manufacturing, analytics is closely linked to the smart factory, particularly in connection with predictive maintenance. The research provides insightful industry profiles for analytics attitudes and practices across multiple industry sectors including energy and utilities, finance, government, manufacturing, retail and telecommunications.
Amongst its research findings, Forrester highlighted the need for organizations to be rigorous in setting clear and quantifiable business goals in all data analytics initiatives: this change is as much about process and culture as it is about technology.