Senior management must lead data analytics drive, says reportby
Whether or not data analytics initiatives thrive in companies depends specifically on how much impetus is being driven directly from senior leaders, says research from enterprise software analysts, BARC.
61% of successful “data use cases” are attributed to management teams having a direct role in integrating data and analytics tools into business-wide process, BARC’s survey of 500+ enterprise professionals found.
However, the research also found a significantly large proportion of marketing and sales professionals are yet to implement data analytics into their processes.
The results state that at present, 25% of businesses have a data analysis strategy for their marketing teams, and 23% for sales. 54% of companies plan to introduce further data analysis into their marketing and sales strategies in the future, though as it becomes a more integral part of business.
“Only those companies who understand the disruptive power of data and digitization will survive and thrive in the long term,” says Rakesh Harji, UK for analytics specialists, Blue Yonder, in response to the research.
“The greater understanding marketing departments now have of their customers is a huge benefit to the organisation and is just the beginning of what big data can do. Other business departments are seeing the rewards and following suit, so soon big data will be in every corner of the business.
“But, as the survey results show, only when the whole management team are on board and clear and focused in the goals that they want to achieve for the business, will they gain the advantages on offer.”
The research also adds that the use of data analytics is leading to, on average, an 8% increase in sales and 10% cost reductions. This correlates with Salesforce data in July which surveyed more than 2,300 sales leaders worldwide to find a correlation between the highest performing sales teams and their extended use of sales analytics.
Among the companies surveyed, 19% are currently using predictive analytics, but adoption of sales analytics tools specifically is expected to grow by 135% over the next 12-18 months.
Chris is Editor of MyCustomer. He is a practiced editor, having worked as a copywriter for creative agency, Stranger Collective from 2009 to 2011 and subsequently as a journalist covering technology, marketing and customer service from 2011-2014 as editor of Business Cloud News. He joined MyCustomer in 2014.