Embedding data and analytics into business strategy and culture, addressing data literacy across organisations, and removing the constraints of legacy technologies are the key issues businesses face, according to a new global study.
The rise of big data-The research, from Alteryx uncovers the benefits and impact of data analytics in digitisation projects in the UK, as well as across five other digitally advanced countries in Europe, the Middle East and Africa (EMEA) and Asia-Pacific (APAC).
The complete Data and Digitization Report is released as Alteryx hosts its fourth annual European customer conference, Inspire Europe, at Tobacco Dock in London, Oct. 14-17, where major brands like Sainsbury’s, Virgin Holidays and Siemens will be presenting their success stories and learnings from their respective data journeys.
Here in the UK the data shows that:
Data is permeating every part of business and is key to success
Data insights are seen as key to delivering better customer experiences through deeper relationships and help propel businesses to new heights. Data works and is permeating every part of business:
• With over three quarters of survey respondents (77%) agreeing that data is a critical corporate asset for driving the business forward it’s clear that businesses are taking advantage of data sources across industries and internal functions.
• UK businesses cited data analytics as the catalyst behind their ability to understand their end customer better, with nearly two thirds (71%) using insights to offer more personalised offers. Through their use of analytics, almost half (46%) ranked increased productivity as one of the three major business benefits of data insights.
• Over half (60%) agreed that using data analytics has helped break down internal silos. The ability to make savings and efficiencies for their department or organisation (36%) was another key benefit.
Businesses can’t win in analytics without the human element
The human-factor remains critical. Companies are focussing on putting humans at the centre of intelligence-driven decision-making and looking to empower team members to think about how to better perform with data:
• A talent shortage was the most notable challenge that UK organisations face in becoming a more data-driven organisation (34%).
• Organisations are working to acquire talent to support a variety of initiatives for data and analytics success, including code-free/code-friendly analytics to deep learning/machine learning, and explainable AI, all while developing a robust culture of data and analytics.
• Smaller companies see the talent gap as their primary challenge to face when becoming a data-driven organisation, and across the board the UK emphasised that it needed more focus on employee skills and talent to drive transformation (34%).