Although data analytics is frequently touted as the best way for a business to gain competitive advantage, most are still failing to take full advantage of the information at their disposal.
This is according to a poll of 100 data and IT professionals conducted by TrueCue, which found that just a fifth of businesses have a corporate-level data and analytics strategy in place.
Examining the main challenges and roadblocks, the report cites the inability to extract data from various silos and the time it takes to sift through and access information.
Even after these challenges have been overcome, the lack of technical facilities means businesses are still unable to understand or leverage the data in front of them.
For James Don-Carolis, Managing Director of TrueCue, the post-Covid-19 period will serve emphasise the critical importance of a sound data strategy.
“Organisations are wrestling with the challenge of how to re-enter the workplace. Issues relating to social distancing, travel restrictions, vulnerable employees, family commitments and employee desires to continue remote working, are just some of the considerations. Businesses will turn to HR to take the lead on ‘project return’, implementing a framework to deploy this safely,” he said.
“People analytics will be critical in enabling HR to gain insights on their workforce, allowing more informed decision making. But our evidence shows the department will struggle if data is not available. This needs to change and our findings are a testament to this.”