Accenture recently released a report about the use of analytics in business. In the summer of 2012, they surveyed 600 executives from the US and UK about their use of analytics. Accenture found that adoption of analytics is up and interest continues to grow.
- Predictive analytics is up threefold (33% in 2012) since 2009.
- 68% of the executives rated their senior management team to be highly or totally committed to analytics and fact-based decision making.
- Within the last 18 months, two out of three companies have appointed a senior figure (e.g., “chief data officer”) to lead data management and analytics.
While interest in analytics continues to climb, businesses still struggle to find the value in analytics:
- Only 20% of executives are very satisfied with the business outcomes of their existing analytics programs.
- Roughly half (47%) cannot find the right internal talent.
- Fifty-eight percent are unclear of business outcomes from analytics.
To improve analytics ROI, Accenture suggests that executives look at three areas:
- Performance processes – business must move to a strategic use of analytics
- Technology – business must harness technology to maximize business value of data
- Skills – business must partner with external resources for success
Check out Accenture’s infographic below and read their full report.