Data & Analytics Study 2021
Due to their problem-solving and predictive capabilities, data & analytics tools became essential throughout the past year as hospitals worked to protect their staff and treat patients; government officials were tasked with keeping their communities safe and informed; and businesses maintained customer and employee satisfaction while ensuring success. According to Foundry’s 2021 Data & Analytics study, 61% of IT decision-makers (ITDMs) agree that the pandemic accelerated their organization’s data-driven strategy. Even prior, 64% agree that the collection and analysis of data has fundamentally changed the way their company does business over the past three years.
For example, take NorthShore University HealthSystem which has been able to reduces wait times and hospitalizations. Their emergency department is using data and predictive analytics to help determine which chest pain patients should be admitted for observation and which patients should be sent home. With these capabilities, data & analytics will be the foundation of many organizational decisions throughout the years to come. Explore insights from Foundry’s Data & Analytics study to learn how vendors can assist tech buyers and organizations on their data journeys. Key takeaways from the research below:
2021 Data & Analytics Key Takeaways:
- The pandemic accelerated organization’s data-driven strategy, and 78% IT decision-makers agree that the collection and analysis of data has the potential to fundamentally change the way their company does business in the next 1-3 years.
- Data & analytics adoption has increased significantly over the past five years, as 86% of organizations have either already adopted or are considering data-driven projects – which is up from 68% in 2016. The top two reasons why organizations have no plans are due to lack of clearly articulated data strategy and lack of budget/funding.
- While organizations see growth, and success from their data-driven initiatives, there is still work to be done before full potential is realized – only 46% of IT decision-makers say their company has a clearly defined and communicated data & analytics strategy.
- Investments are being made in the data & analytics space – organizations will spend an average of $11 million on data initiatives in the next year. The tools most actively being researched are artificial intelligence (AI), prescriptive analytics, and machine learning (ML).
- As organizations struggle with a data strategy and overall skillsets, ITDMs need vendor assistance. The most important criteria tech buyers evaluate from a data analytics solution are ease of use, security/governance capabilities, and integration into existing infrastructure.
View the sample slides below for additional insight and download the full report to better understand and engage with tech buyers as they navigate their data & analytics initiatives. To request a meeting with a Foundry’s sales executive to walk through the full study, please complete the form at the right.