Companies Face Hurdles in Pursuit of Analytics

Companies Face Hurdles in Pursuit of Analytics

Companies Face Hurdles in Pursuit of Analytics

Top Priority  96% of senior execs say analytics will become more important to their organization within three years.

Organizations are enticed with the potential benefits offered by data analytics, but many of them are stumbling when they attempt to deploy these solutions, according to recent findings from Deloitte Touche Tohmatsu Limited (DTTL). Nearly every senior executive surveyed agrees that analytics will have a huge influence in the immediate future. However, they acknowledge that there are many roadblocks, including a lack of access to tools that can provide company-specific support of in-depth, actionable intelligence. And it doesn't help that many organizations haven't appointed a leader to oversee analytics projects. Though the concept is still in the early stages, there's a big opportunity to have a major impact on the business. "While organizations are slow to capitalize on the full potential of analytics, they are taking on smaller projects to demonstrate real results," says Tim Phillipps, global leader for DTTL. "If used correctly, analytics can help companies increase sales, identify innovative opportunities and forecast financial performers." About 100 senior executives in North America, the United Kingdom and China took part in the research.

Dennis McCafferty is a freelance writer for Baseline Magazine.
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