Are you getting the most out of your data analytics?

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Businesses are failing to make the most out of their data due to a lack of analytics skills, according to new research.

A report from Infosys found that a significant proportion of businesses say they are failing to utilise data analytics properly due to a dearth of properly-trained staff.

The report, which surveyed over a thousand businesses with revenues of over $1bn, found that two-fifths (40 per cent) of senior leaders specifically identified a lack of required analytics skills within their organisation.

Nearly half (44 percent) said that their business struggles to integrate multiple data sets from a variety of sources, and 43 percent said their teams lacked understanding in deploying the right analytics techniques.

This is preventing many businesses from harnessing the advantages of analytics, with 69 percent of companies saying it helped enhance processes, 66 percent saying it helped improve the customer experience, 63 percent saying it helped with diversifying products, and 60 percent saying it helped with developing new business models.

All of this is stopping businesses from using the right analytics tools and services to get the most from data, highlighting a need for proper training and hiring processes.

Nearly half (47 percent) of leaders said that the most effective step to overcome these challenges was deployment of people with the right skills

"The biggest challenges stemmed from a lack of expertise in integrating multiple datasets (44% of respondents) and a failure to understand how to deploy the right analysis techniques (43% of respondents)," Satish H.C. EVP & Head, Data Analytics, Infosys told ITProPortal.

"This is where enterprises are looking to their partners to help industrialise their analytics capabilities by creating an analytics strategy, build an operational framework, and define a process for executing and governing analytics initiatives."

"Unless there is a threshold level of expertise, it is easy to miss fundamental issues. Organisations that hop from one option to another in search of the right solution, based on superficial knowledge, will probably never find it—and could end up paying a heavy price."

"Identifying the right analysis techniques was the most important way of overcoming challenges for telecom industry respondents, while investing in cloud computing and centralising organisation wide data was more important to the healthcare and life science verticals than any other."