Using data analytics is an extremely valuable tool in bringing your business to the next level. However, only 24% of executives have taken advantage of this tool to create a data-driven company. Why is this?
There are several key barriers that companies face when it comes to data analytics: The greatest of these barriers is a poorly articulated data strategy. Seventy percent of executives don’t have a clear understanding of their data strategy. The second greatest barrier is a lack of training. In fact, well over 50% of current managers and executives don’t have a good grasp on how best to use their analytics tool. The third greatest barrier is a lack of resources. Fifty percent of executives find it difficult to hire and retain expert data analytics partners.
The result of these and other barriers is that up to 73% of all data in an organization is never analyzed at all.
Those businesses that have a handle on their data analytics are 178% more likely to overtake their peers in revenue and profitability. If your business is struggling with data analysis, it is worth taking the time to resolve the issues.