One in five businesses are not using data analytics platforms to draw actionable insights from data, relying instead on management’s gut feeling, a new survey has shown.
Data analytics consultancy firm TrueCue polled 100 data and IT professionals to understand how businesses are currently analysing data, and found that a fifth use no data analytics tools whatsoever.
For TrueCue’s Analyst Director Tim Archer, this practice is unacceptable.
“There are simply too many businesses that are manually managing their critical data processes, and this is heaping huge pressures on key person dependencies within organisations,” he said.
He argues that, now more than ever, businesses must turn to data analytics as they build out plans and budgets for the next year, and that skilled workers should be focusing their time and efforts elsewhere.
“If people cannot be confident on what they achieved in the previous year, week, or even yesterday, then their ability to forecast into the future with the current uncertainty will undoubtedly be hindered even more than it already is.”
“Economists will be talking about the ‘bounce back’ and whether it will be scenario one, two or three – organisations will need to be able to analyse all of these circumstances. So, having access to clean, up to date, easy to understand information will be the baseline for these modelling exercises," he added.