Source: analyticsinsight.ne
Why enterprise analytics is a business imperative and how it benefits businesses?
Leveraging data and excerpting insights from it has become indispensable for businesses. As the corporate world is increasingly dealing with the ever-growing information age, utilizing data can be a growth factor for them. This means they require the ability to manage and evaluate big data that can maximize the business value buried within their data sets. Integrating the right enterprise analytics strategy assists organizations as well as decision-makers to discover the tools and techniques they need to implement to process huge data sets and derive valuable insights from them in order to deliver better business decisions.
The last couple of years have seen tremendous uptake in big data and how leading companies assessed and changed the analytics game. Many have propelled this trend with the introduction of data professionals or experts to their ranks, while some companies also deployed automation frameworks that have been able to create a singular data vision.
Why Enterprise Analytics is Vital?
Handling, processing and extracting meaningful information from the data businesses glean is a daunting task. This requires setting up a strategy for enterprise-level analytics tracking and reporting in addition to building a robust architecture with proper planning and coordination. Gathering any kind of data presents both value and risk to any enterprise. This is why a scalable and flexible enterprise analytics architecture is critical to the success of companies.
An effective enterprise analytics strategy can create a comprehensive vision and end-to-end roadmap for managing and analyzing data. It can be beneficial in risk mitigation, mapping out companies’ data management architecture, identifying and eliminating redundant data, establishing responsibility and accountability, and improving data quality and more.
According to MicroStrategy’s 2020 Global State of Enterprise Analytics report, around 65 percent of global enterprises have plans to boost their analytics spending in 2020. 79 percent of respondents in large enterprises reported they will invest more in 2020. Based on industry verticals, hospitality and government respondents are uncertain about their data-driven progress. 33 percent of respondents in hospitality and 31 percent in government reported that they feel their analytics programs are behind in comparison to the 17 percent overall average.
Cumulatively, telecommunications, hospitality and retail industries lead all spending with 70 percent or more of enterprises in all three verticals. It is predicted that they will increase analytics and business intelligence spending in 2020. The report further reveals that only 16 percent of organizations’ analytics technology deployment is at the maturity level to include a sophisticated architecture for self-service analytics with governance, security frameworks, access to big data, and mobile and predictive technologies supported by a center of excellence for training and support.
Moreover, Gartner foresees that by 2021, the majority of pre-built analytics reports will either be augmented or even replaced with automated insights. And by 2023, AI and deep learning techniques will be prevalent approaches for new applications of data science.