Nearly half (47 per cent) of organisations are now embedding analytics into operational systems, a new study has found.
Research from The Data Warehousing Institute (TDWI) revealed that 30 per cent of respondents introduce predictive models into business processes within one month, while 58 per cent do it between two and nine months and 14 per cent spend longer than nine months on the process.
Some of the challenges that businesses face when it comes to introducing and operationalising analytics include poor data quality, an absence of skilled personnel and low budgets.
The majority of respondents focus on past incidents in their analysis, though 19 per cent of businesses are using analytics to consider what could happen in the coming years.
How is analysis technology being used?
TDWI found that enterprises are now introducing analysis into dashboards, devices, applications and databases. Employees are using these processes to make decisions that affect profit or cost, with applications using the technology to improve how they connect with customers.
Fern Halper, director of TDWI Research for advanced analytics and the author of the report, said: “Consumability has become a hot topic because it makes analytics available to a wider group of people than simply those who analyse data or develop models and share it with a select few. As more people use analytics output, its value increases.”
The research found that 54 per cent of enterprises are now using analytics for planning and strategy, whereas 38 per cent are planning to use analytics over the course of the next three years.
Sales, marketing, finance and operations are the main departments where analytics is used, with respondents suggesting that growth in these fields will be especially strong. As well as this, a third of respondents believe that users in the four groups will make use of analytics in the next three years.
How will analytics grow in the coming years?
Research from Technavio found that the global BPO business analytics is set to grow at a CAGR of 37.42 per cent between 2016 and 2020.
It was found that the business analytics BPO services is enjoying significant growth, with organisations leveraging analytics to make better decisions about their customer needs and trends in the future.
Technavio discovered that there is a high demand for providers capable of processing structured and unstructured data and create better insights to ensure improved decision making.
The group found that business analytics BPO services will help organisations to leverage data assets and boost their profit and loss drivers including reduced costs, increased revenues and a better return on investment (ROI).
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