Over the last several years, data & analytics tools have become vital to the success of organizations in all industries, and the adoption of these tools is not expected to slow.
According to Foundry’s 2022 Data & Analytics study, 88% of IT decision-makers (ITDMs) agree that the collection and analysis of data has the potential to fundamentally change the way their company does business over the next 1-3 years. These organizations are investing in tools such as predictive analytics, process automation, and business intelligence platforms to give them a competitive advantage in the market.
According to our latest research, close to half (46%) of IT decision-makers state that the improvement of customer insight and engagement is a key driver for these data-driven initiatives. In fact, companies such as Netflix are embracing data science to help them craft personalized and engaging experiences for their customers. As they do so, they’re bringing data and analytics tools to various parts of the business including product management and marketing – which is supported by the fact that 83% of respondents to the 2022 study stated that providing self-service tools to make data more accessible to business users is a top priority. However, lack of appropriate skill sets is a top challenge that IT decision-makers experience when making progress on their data strategies.
Explore insights from the study to better understand data-driven priorities, the investments ITDMs plan to make, and the challenges they’re experiencing along the way to learn how you can best assist them.
Key takeaways from the 2022 Data & Analytics study:
- The majority of organizations have plans or have already implemented data-driven projects. More than 1/3 (36%) of organizations have already deployed projects, which is up from 28% in 2021.
- Through the use of data and analytics solutions, IT decision-makers hope to improve internal business processes, customer insight and engagement, and customer service/support.
- Organizations are making progress in some of the challenges that plagued them last year. More than half report to have a clearly defined data and analytics strategy which is up from 46% in 2021.
- Investments are continuing to be made in the data & analytics space. Organizations will spend an average of $12.3 million on data initiatives in the next year and 55% expect their budgets to increase, which is up from 44% in 2021.
- To combat challenges and pursue their data initiatives, organizations are in need of analytics training, data management, data security, data integration and business intelligence skills.
View the sample slides below for additional insight and download the full summary 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.