NEW YORK, June 24, 2013 /PRNewswire/ -- Deloitte Touche Tohmatsu Limited (DTTL) today announced the results of Deloitte's Analytics Advantage survey, a study undertaken to better understand the state of analytics readiness of leading corporations - and what the future may hold.
The survey was conducted using more than 100 online surveys and 35 in-depth interviews with senior executives at companies in North America, the United Kingdom and China.
"The survey results show that while organizations are slow to fully capitalize on the full potential of analytics they are taking on smaller projects to demonstrate real results," said Tim Phillips, DTTL Global Leader, Deloitte Analytics. "If used correctly, analytics can help companies to create more insight to increase sales, identify innovative opportunities and forecast financial performers."
Key findings from the survey include:
- Marketing and customers - Over half of respondents (55 percent) recognize the influence analytics is having on their businesses as their marketing and sales groups invest in analytics, second only to finance operations.
- Structure is a challenge - The survey found that a number of c-suite executives are in charge of analytics within an organization. Twenty percent of the respondents surveyed said there was no single executive responsible for data and analytics. If there was an individual identified, it was most often the business unit leader (23 percent) or Chief Financial Officer (18 percent). This is leading to structural and communications challenges. Coordination and alignment is needed to realize the true value of analytics and internal discussions should take place to determine who owns the role.
- Key barriers to overcome - Forty-two percent of the organizations surveyed believe their employees do not have the correct analytics skills. Organizations will be slow to fully capitalize on the potential of analytics unless they are able to overcome several key barriers; data management and access to talent are the most problematic. In addition, 31 percent of organizations believe the data they have is usable, but available only in functional, or process silos.
- Analytics will become more relevant - Ninety-six percent of respondents feel that analytics will become more important to their organizations in the next three years. At the same time nearly half (49 percent) of respondents assert that the greatest benefit of using analytics is that it is a key factor in better decision making capabilities.
"Organizations are making strides to incorporate more analytics practices into their operations, but to get the most out of the data they are already collecting organizations need to have the right talent to analyze the data," said Thomas H. Davenport, DTTL senior advisor to Deloitte Analytics and visiting professor at Harvard Business School. "Organizations should look to several talent-centric pursuits including evolving hiring practices to focus more on the data scientist role, hiring talented people with either computer science or analytics backgrounds, and by working with administrators and faculty at universities to create a Master's program in data science."
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence.