Financial planning a big motivator for advanced analytics adoption
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:
Learn about effective big data visualization