Market research identified key insights and best practices recommendations for organizations
BEND, OR, March 01, 2022 /24-7PressRelease/ — Ventana Research today released its latest benchmark research on Analytics and Data. This benchmark research offers a market assessment of the use of analytics and data within organizations and reveals significant new key insights into the connection between technology and improving outcomes. The benchmark performance analysis shows less than a fifth (18%) of organizations were innovative in their use of analytics and data. Innovative organizations were most often in services industries and larger organizations.
The research examined how organizations analyze the data they collect and access in a myriad of ways, providing insights and guiding decision-making. Today’s world runs on data, so to succeed organizations must use analytics to understand, collaborate and plan to improve their ability to perform effectively.
This benchmark research evaluated how analytics have been evolving to address opportunities and issues found in data, the adoption of the cloud and the use of collaboration, real-time events and streams and mobile computing. It investigated the types of data sources in analytic processes, among them big data, unstructured data and external data.
Ventana Research has asserted the importance of three key aspects of analytics for over a decade that include collaboration, embedded and mobile use. The use of communication and collaboration was found to be very important in three quarters of organizations, and the importance of message-based collaboration was important to more than two-thirds (68%) of organizations. The research found the capabilities to embed analytics is important to over half (60%) of organizations, and that almost three quarters (73%) deem it important to embed into operational applications. It found the importance of having access to analytics from mobile devices in over three-quarters (77%) of organizations.
“This landmark research found that usability is the most important evaluation priority influencing the purchase of analytics and data technology,” said Mark Smith, CEO and Chief Research Officer. “Now the opportunity is to provide the methods, such as natural language search and presentation that can make analytics more broadly accessible to everyone in the organization.”
The market research found the use of artificial intelligence (AI) and machine learning (ML), and what is promised in augmented analytics, is limited to one quarter of organizations but growing and is planned to be addressed in an additional one-third (34%). However, only 9 percent have completely adequate technologies for AI/ML, and only a quarter (23%) have the AI/ML skills they needed to be successful. And as ranked with other digital technologies, AI & ML is third behind big data and embedded analytics in its importance.
Despite a variety of challenges with analytics processes, where over two-thirds (69%) of organizations find preparing data for analysis is where the most time is spent, the benefits still outweigh the costs. More than nine in 10 (91%) organizations report the use of analytics technology has improved their activities and processes particularly those in operations, finance, IT, marketing, sales and customer service. As a result, more than three quarters (77%) of organizations are changing the way they assess and select analytics and data technologies, most often as part of business improvement and digital transformation initiatives.
“Despite all the advances organizations have made with respect to analytics, this benchmark research shows the majority of the workforce in the majority of organizations are still not using analytics and business intelligence (BI),” said David Menninger, SVP and Research Director. “This research helps organizations understand how they can be more successful with their analytics and data deployments in using technology most effectively.”
Those interested in learning more about this benchmark research can view a summary of the report here. For more information on how to use this research in your organization, or to purchase a copy of the research report, please click here.
Ventana Research is the most authoritative and respected market research and advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions in every industry. This benchmark research plus our market coverage and in-depth knowledge of hundreds of technology providers means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost and risk.
Ventana Research provides the most comprehensive analyst and research coverage in the industry; business and IT professionals worldwide are members of our community and benefit from Ventana Research’s insights, as do highly regarded media and association partners around the globe. Our views and analyses are distributed daily through blogs and social media channels including Twitter, Facebook and LinkedIn. To learn how Ventana Research advances the maturity of organizations’ use of information and technology through benchmark research, education and advisory services, visit www.ventanaresearch.com.
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