Good news: insights-driven businesses are growing at an average of more than 30% each year, and by 2021, they are predicted to take $1.8 trillion annually from their less-informed peers, notes the Forrester Insights-Driven Businesses Set the Pace for Global Growth Report.
The bad news? According to Forrester Analytics, 57% of global data and analytics decision makers are still in the early stages of their insights-driven business transformation and fall into Forrester’s beginner maturity segment. Only 8% demonstrate advanced insights-driven competencies.
How does an organization become part of the elite eight percent? Forrester VP and Principal Analyst Mike Gualtieri, Principal Analyst Jennifer Belissent, and Senior Analyst Cinny Little in their Predictions 2019 blog post say that data and analytics leaders “have shifted their data sensibilities to action-oriented insights.
“‘Interesting’ is no longer the standard for business insights efforts,” say the Forrester analysts in 10 Enterprise Analytics Trends to Watch in 2019. “Instead insights projects must draw a straight line from business objectives to business outcomes.”
Are most organizations making this change, though? A recent Harvard Business Review Analytic Services survey confirms that while many organizations call themselves “data-driven,” there’s a chasm between their current analytics initiatives and the action-oriented insights needed to be a leader.
In the survey of more than 700 business leaders, 32% of respondents describe their current analytics maturity as having standardized reporting that is largely static and backward-looking. In addition, while 75% say the ability to deliver actionable, customized intelligence to employees across the enterprise is very important to their organization, just 24% say they are very effective at doing so. Common barriers include the lack of a centralized platform, data silos, data consistency issues, and poor UX.
“Give me a dashboard. Give me a report. Give me better insights. If that’s your approach, it’s old-school and you’re falling behind,” note the Forrester analysts.
It’s time to draw the line—and make sure it leads to outcomes.
Read more insights from Forrester analysts and see what Constellation Research’s Ray Wang and Doug Henschen, Ventana Research’s Mark Smith and David Menninger, IDC’s Chandana Gopal, Marcus Borba, Ronald van Loon and other top thought leaders say requires your attention now. Download the eBook: 10 Enterprise Analytics Trends to Watch in 2019.