Accelerate decisions with data analytics
Like any crisis, the COVID-19 pandemic has forced organizations to realign – at first to survive, before focusing on recovery and growth. At the heart of these efforts has been a drive to use data analytics to optimize existing processes. This is embodied by changes to decision-making cycles that we’ve seen this year.
When we surveyed 2500 global business and technical decision makers, 84% said they were under increasing pressure to make faster decisions, yet 58% lack access to real-time insights to make it happen.
This disparity means greater demands are being placed on data and analytics teams; demands that are only going to intensify. But this isn’t just an issue that needs to be addressed during times of economic disruption.
As McKinsey states in ‘Ready, set, go: Reinventing the organization for speed in the post-COVID-19 era’ ,
“Organizational successes forged during the crisis need to be hardwired into the new operating model; and leaders must ensure their organizations do not revert to old behaviors and processes. That requires making permanent structural changes that can sustain speed in ways that will inspire and engage employees.”
So, how can organizations set themselves up to make better decisions, faster and what are the big challenges that need to be overcome? That’s what we’ve explored in our latest piece of research, ‘Accelerating data-driven decision making: 5 ways to turn crisis mode into growth mode.’ Here’s a quick preview.
Data and analytics teams face long-term pressure
Many respondents are expecting the growth in demand for real-time insights to keep rising. This is in spite of the fact that organizations are already having trouble providing timely data. Focused investment in the data and analytics stack can help turn this around, but this is more than just a technology challenge.
The role of data literacy
Our research uncovered that those who reported being able to speed up decision making are twice as likely to be completely confident in the levels of data literacy in their business – compared to survey respondents as a whole (54% versus 25%).
As well as optimizing technology, changing the culture and enabling decision makers across your organization to work with data can make a significant impact. Check out our blog on the three things you need to know about data literacy for some practical advice.
Legacy tech a barrier between hopes and reality for businesses
More than half (51%) of those we surveyed believe their data infrastructure will need improvements in order to help them recover from macro or micro economic challenges.
There are deep and varied reasons for this but an organization can’t tackle everything at once. Clear prioritization is needed for investments made in the data stack. This can range from optimizing query response times to tackling scalability issues, but all of these challenges are related. There are severe problems with integration and optimization throughout the analytics workflow, which we explore in-depth in the report.
Demand for more diverse insights will intensify
More than two thirds of participants (69%) have reported receiving a higher number of data analytics requests from multiple business departments and their users since the start of the current crisis.
Self-service analytics will be crucial when it comes to the management of growing demand for insights from across your organization. But the diversity of these demands is going to be just as big a challenge to manage as scale, as a greater number of departments in the business look to do more with the data at their disposal. It’s important to act now so your self-service provisions are able to stand up and support business users as they re-position your organization for future growth.
What next?
These are just some of the challenges that need to be overcome to ensure organizations can support demands for faster insights. Download our in-depth report now to uncover 5 ways to turn crisis mode into growth mode.