As companies continue to warm to the concept of fact-based decision-making, investments in business analytics are heating up.
According to a recent survey conducted by SAS and Accenture, 45 percent of businesses increased their analytics spending in 2011 and even more, 65 percent — planned to increase this year. The major focus? Talent upgrade. Eight in 10 respondents are making investments in business analytics plan to upgrade their analytical talent by improving current staff analytical skills (69 percent) or hiring new analytical talent (55%).
This focus is no surprise given that businesses struggle to keep their knowledge workers up to speed on current technology, and the competition for analysts is fierce, given the surge in the use of business analytics. Even more difficult to find are the people who have both strong technical ability and the skills to apply the results to business issues.
The most distinctive differences in analytical performance between the analytical front-runners and other segments is how they perceive their data and talent. High performing companies see their data as an asset and report that quality data and access to the right data is available. Those companies believe they have the right talent in place.
Read the full research report for more insights on Getting your money’s worth with analytics.