Financial planning a big motivator for advanced analytics adoption

What’s the leading driver of advanced analytics adoption? Financial planning, according to a recent survey. Find out what else motivates companies to adopt analytics technology.

Financial planning a big motivator for advanced analytics adoption

Advanced analytics adoption motviated by financial planning
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A little less than half of the survey participants – 43% – said their companies were using advanced analytics and data mining software or planning to implement it within the next year. The adoption rate was higher, at 50%, in midsized organizations with 1,000 to 10,000 employees. Financial planning was the biggest motivator for advanced analytics adoption: 63% of the respondents with analytics tools or deployment plans chose that as a business use, making it by far the most popular advanced analytics function. Customer analytics, in several forms, is also a popular business activity among advanced analytics users, according to the survey results. Tracking customer satisfaction and loyalty, customer segmentation analysis, and customer retention and churn analysis all cracked the top five advanced analytics uses cited by respondents.

Advanced data analytics technology can help give companies an edge over their competitors, according to industry analysts such as James Kobielus of Forrester Research. But advanced analytics software traditionally has been the domain of statisticians and other highly skilled workers. In a podcast interview, Kobielus explains what advanced analytics is and provides an overview of the different types of data analytics software plus tips on how to get started with advanced analytics.

Advanced analytics adoption resources:

  • If you’re looking to create a business culture that revolves around advanced analytics, the best way to go about it is to start from the top and work your way down through the organization with the help of senior executives, according to IT pros and industry analysts.
  • The use of data analytics software has helped drive a strategic shift at Kelley Blue Book, according to a company executive. Read about how the publisher of information on car values is adding new analytics-based services for customers as it tries to fend off increasing competition from online rivals.
  • Making sure your data is properly cleansed and profiled is the first step in an advanced analytics software project, analysts said. Get more tips on overcoming advanced business analytics deployment challenges to help put your organization on the road to analytics success.
  • Find out what you need to know about setting up and supporting a data analytics team. For example, should it be incorporated directly into a business unit? And how much control should data analysts have over advanced analytics tools and the data that they’re analyzing?

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This was first published in December 2010

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