According to Gartner, the global market size for business intelligence and analytics software will reach $22.8 billion by 2020. Business have been investing heavily in data and analytics with the hopes of improving operations and driving increased profits. According to IDC, companies that analyze all relevant data to deliver actionable insights will earn an extra $430 billion in productivity benefits. With that is promised with such heavy investment, do business leaders feel they are on the path to receive the lofty ROI that IDC predicts?
Partnering with Prosper Insights & Analytics, Prevedere conducted an online survey of participants from leading companies from various industries across the U.S. The goal was to assess the overall satisfaction of their data and analytics program and whether they have the right data and skill-sets to help their business leaders make the best decisions.
The findings of this survey show that a majority of analytics teams feel they have the necessary data and insights to make critical decisions. But when asked if they have the right resources to address the strategic issues facing their company, their responses were very different. There appears to be a gap between the insights that can be achieved vs. the insights that need to be achieved. This is the Data Divide.
Closing this gap may be the key to evolving data and analytics initiatives and addressing the true needs of executives with strategic, forward-looking insights.