Top findings in the report include:
?More and better data is the path to creating a competitive advantage for future success. Organizations are not only using data to improve core operations, but also to transform customer experiences and create new business models. Data-driven organizations around the globe report that the top two benefits of their analytics initiatives are improved efficiency and productivity (63%), as well as faster, more effective decision making (57%).
?The role of Chief Data Officer is increasingly important. More than half of the surveyed organizations (57%) have a Chief Data Officer, and this role could be pivotal in helping to democratize data and analytics across the organization. According to this year’s survey, while 84% of management teams have access to their organizations’ data and analytics, 48% of the organizations’ front-line employees do not, which hinders real-time decision making and ultimately the bottom line.
?Enterprise investment in data and analytics continues to grow. 90% of respondents report that data and analytics are either very important or somewhat important to their organizations’ digital transformation efforts. Investments in data and analytics this year and in the next five years are accelerating, with 71% of surveyed organizations saying that they plan to spend more on related initiatives heading into the 2020s. The report also revealed that over 95% of organizations plan to invest more or about the same in hiring additional data and analytics talent.
?Confidence and optimism alone can’t mask the challenges at hand. As organizations leverage data to accelerate their digital transformation initiatives and strengthen their competitive edge, a few factors are holding them back from moving farther even faster. Globally, the three challenges organizations most commonly face include data privacy and security concerns (49%), limited democratization of data within their organization (33%), and a lack of training on how to make the most of an increasing influx of data (29%). 45% of organizations report that less than half of their organizational data is governed or adhering to a single version of the truth.
?Cloud computing, big data and AI/machine learning will have greatest impact on analytics initiatives. Respondents ranked cloud computing (24%), big data (20%), and AI/machine learning (18%) as the trends having the most significant impact on analytics initiatives in the next five years. Additionally, the survey shows that the Internet of Things (16%), Digital Identity Management (12%), Blockchain (7%) and Voice/NLG (3%) follow close behind.
“As the survey indicates, advances in analytics and business intelligence are being made rapidly now, with greater advances in the last two years than in the last decade,” said Marge Breya, Senior Executive Vice President & Chief Marketing Officer, MicroStrategy Incorporated. “Our discussions are now with departmental business teams, not just CIOs, and those discussions center on driving initiatives that infuse intelligence into their processes, applications and devices. With an analytics strategy and advanced technology platform, data-driven organizations are realizing competitive advantages such as faster and more effective decision making and better financial performance.”
“The report’s findings resonate with our customers and explain the race organizations are in to get data and analytics into the hands of every decision maker across the enterprise,” said Steve Holdridge, Senior Executive Vice President, Worldwide Services, MicroStrategy Incorporated. “In our opinion, winning the race requires complementing world-leading technology with exceptional technique. To help with this endeavor, we offer regular Intelligent Enterprise assessments that establish benchmarks and plot a course forward for businesses to become more data-driven, smarter and successful.”