February 23, 2022
Nearly 82% of C-suite executives agree data and analytics are crucial to growing their businesses, according to a Realise UNLIMITED study, which surveyed more than 80 C-suite execs in the UK with annual sales of at least £30 million. The research found that respondents’ data and analytics functions were helping their businesses achieve growth (85.1%), enable better business decision-making (86.4%) and drive tangible value (86.4%). The executives were also optimistic about their organization’s use of data and analytics. For example, 95% believe they work with high-quality data and 88.9% think their data systems are integrated, scalable, functional and stable. While 86.4% believe their data and analytics function has improved significantly in the last five years and utilizes advanced machine learning and artificial intelligence techniques. Only 25.9% of the respondents strongly believed their data and analytics capability was ahead of other companies in their sector. And only 28.4% strongly agreed their organization has a data-driven culture. Execs’ most significant challenge to maximizing the value of their data and analytics is a lack of training (33.3% of respondents). That was closely followed by a lack of budget (32.1%), lacking awareness of what data can do (28.4%), and struggling to recruit and retain specialist staff (24.7%). Other issues raised include a lack of investment in analytics and insight (23.5%), data teams lacking business understanding (23.5%), poor internal communication (21%), data teams not working closely enough with business teams and having siloed data (both 17.3%).