Most data and analytic teams feel that they have the data and insights needed to make critical decisions, but not necessarily the right resources to address strategic issues. New research from predictive analytics software firm Prevedere shows that closing this gap is key to evolving data and analytics initiatives and addressing the needs of executives with strategic, forward-looking insights.
The firm’s new study, Bridging the Data Divide, conducted with Prosper Insights & Analytics, reveals that while the majority of companies think they do a good job of using data to drive strategic and operational decision-making, the irony is that 60 percent of the respondents say that locating the right data is their organization’s biggest challenge—and 62 percent stated that their company’s collective data analytics skills are at or below average. Moreover, more than two-thirds of respondents stated that they are dissatisfied with their company’s ability to understand the impact of external factors on business performance.
“Results of the survey confirmed what we have known for a while. Companies have the data and insights they need for day-to-day operations, but they lack the information they need to make truly strategic decisions,” said Rich Wagner, CEO of Prevedere, in a news release. “At Prevedere, we empower senior level executives to see the future with forward-looking insights gathered from nearly three million Global Data Series.”
Overall, how satisfied are you with your company’s ability to do the following?
To help bridge the gap, executives should prioritize external data that is predictive and strategic, like that incorporated into the ERIN Predictive Analytics Cloud. By doing so, businesses can uncover insights that:
- Enable them to see upcoming headwinds that can hinder performance
- Help them understand if a weak quarter was just a seasonal slump or a sign of worse things to come
- Increase return on investment (ROI) for marketing spend
Download the full report here.
