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Businesses aren't getting enough out of their analytics

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UK data analysts are spending “disproportionate” amounts of time compiling reports and dashboards, instead of focusing on insights that data can provide and using it for strategic initiatives, a new report from ThoughtSpot and TDWI claims.

Polling 430 analytics professionals for the report, the pair found that two thirds claim that less than 80 percent of reports provide any value.

At the same time, more than a third want to spend more time understanding strategic business initiatives in the belief they could deliver “more impactful business outcomes and value”.

While most businesses agree something needs to change for data analytics to be used to its full potential, there are differing opinions on what needs to be done.

Four in ten see the democratization of analytics as the most important change, but data infrastructure and literacy stand in the way. This is why a third of respondents would like to automate more processes.

“Organizations that utilize sophisticated analytics and data-driven decision-making are more likely to realize benefits such as top-line growth, higher customer satisfaction, and more effective and efficient operations than those that do not,” said Dr. Fern Halper, Vice President & Senior Research Director at TDWI Research.

“As organizations are facing pressures to operate in today’s digital economy, they need to modernize their analytics to meet current and future requirements. Looking forward, analysts have a unique role to play in terms of providing strategic insights to their organizations and as coaches and mentors to others.”