For the second year, MicroStrategy has surveyed BI and analytics professionals from around the globe to gauge the state of enterprise analytics. As part of the survey, we polled organizations on how they could more effectively manage and use their data to make faster and better-informed decisions. What the survey found was nothing short of shocking.
MicroStrategy's 2020 Global State of Enterprise Analytics Report reveals that currently, 97% of real-time enterprise business decisions are data-deprived. That’s right—97%. For 60% of employees, it takes hours or days to get the information they need to make an informed decision, while just 3% can find information in seconds. When it comes to making real-time data-driven decisions, most employees are still simply winging it.
As the CMO of MicroStrategy, one of the longest-lasting leaders in the analytics space, I am fortunate to work directly with some of the world’s top enterprises that are breaking the mold when it comes to providing their employees with real-time insights. What I continue to hear from our customers across every industry is that the pressure is high for them to act on knowledge faster than the competition.
They’re challenged with using their valuable data assets in a way that sets their business apart and drives new business models, and it’s incredibly important for them to get the right data to the right people at the right time. With analytics adoption stagnating at 30%, organizations must find a new way to surface insights quickly and make them available to their entire workforce—all within the apps and on the devices people use every day.
While three-fourths of our 2020 survey respondents say they’re currently on par with or behind their peers when it comes to analytics use, this year’s survey also identified an early set of leaders who are racing ahead:
- 56% are experiencing faster and more effective decision making
- 51% are realizing better financial performance
- 46% have been able to identify and create new product and revenue streams
- 45% are using analytics to develop new business models
Is your organization a leader or a laggard? Find out by reading MicroStrategy’s 2020 Global State of Enterprise Analytics report. I think you’ll find the highlights fascinating and a terrific resource for benchmarking your organization.
Download the report and join me on October 30th for a live and interactive reveal of the key findings. I hope to see you there.
What do you see as the biggest challenges to the more effective use of analytics use in enterprise organizations and what are your 2020 data and analytics plans for your enterprise? I’d love to hear your thoughts in the comments below.