By Ben Simmons
Executives are disappointed and getting little impact from their data analytics investments, research conducted on behalf of Tableau Software has revealed.
The study, surveying 250 senior-level executives, found that the majority of respondents are wasting time on finding the right data or helplessly extracting irrelevant information from reports.
Despite well-known key trends about organisations wanting to use data better, 41% of respondents said they were neither satisfied nor dissatisfied with the analysis they get from their data, indicating that it is having little impact on their business. A further 12% said they were dissatisfied with the analysis that they receive.
The business study has further highlighted a possible disconnect between senior management and internal resources devoted to data analysis and management. It found that on average, organisations have seven members of staff dedicated to managing, analysing and extracting data, which demonstrates the importance of data in today’s business. With the proper data analytics tools, those resources may be reallocated to focus on making decisions and moving the business forward.
When it comes to storing data and policies for retaining valuable information on corporate systems, the research found that although the majority of respondents store data for up to two years (65%), 18% of businesses do not have a set policy for storing or managing that content. In terms of the purpose for storing information, 38% of businesses surveyed do so to meet legal requirements and a third do so because it has worth to the business.
Commenting on the findings, Bruno Saint-Cast, VP for Europe at Tableau Software said: “Many business resources are being wasted by analysing data that they are not getting value from. People are analysing data when they have no opinion on its value. In the current economic climate, businesses need to be as efficient as possible and any time spent on analysing data should enable executives to derive information and make informed decisions.
“Companies invest a lot of time and money into systems to store and manage their information. With today’s data analytics tools, it’s now easier than ever to see and understand that data, saving time, money and gaining valuable insights.”
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