A new study reveals that enterprises in every industry struggle with various challenges that prevent them in fully deploying their analytics initiatives
When combined with data analytics, emerging technologies such as artificial intelligence (AI), Internet of Things (IoT) and Cloud are perceived to be most effective in delivering better outcomes for businesses.
This is one of findings of a global research on data analytics conducted by Infosys Knowledge Institute. According to the report, 37 per cent of the study respondents stated that AI was perceived to deliver increased business outcomes when jointly used with analytics. It was followed by IoT at 19 per cent and cloud technologies at 16 per cent.
Functions across organisation are getting benefited from the possibilities of data. The analytics were mostly used by finance and accounting (32 per cent), followed by marketing (20 per cent) and operations at (17 per cent), the survey found out.
Challenges in implementing analytics
The enterprises in every industry came across with various challenges that prevented them in fully deploying their analytics initiatives. 44 per cent of the respondents said that the biggest challenge stemmed from a lack of expertise in integrating multiple datasets, whereas 43 per cent respondents believe failure of understanding in deploying the right analysis techniques is the other challenge.
Commenting on the findings, Satish H.C., EVP and Head, Data Analytics, Infosys, said, “In the world of endless possibilities that data provides, being data native is core for enterprises to being digital. As enterprises work with limitations of siloed systems, data integration issues, resources and skills, harnessing the possibilities with data will be essential to navigating their next.”
“We believe that the findings of this survey will help our clients to fast-track their journey into a data-native enterprise by industrialising their analytics capabilities and ultimately monetise data,” he added.
According to the survey, 31 per cent of respondents recognised the use of analytics with experience enhancement, including using intelligence created by listening to internal and external stakeholders to drive extreme personalisation and high quality customer service.
On the other hand, 28 per cent respondents were interested in utilising analytics for risk mitigation that is predicting risk to enable better decision making and detecting anomalies that could disrupt effectiveness of business.