NEW YORK, Aug. 25 /PRNewswire/ -- Business analytics represents the ability to rapidly harness massive amounts of data for modeling complex situations and predicting potential outcomes and alternatives. This presents enormous potential value for business leaders to make more informed, fact-based and ultimately better business decisions. Yet, in a recent Deloitte webcast poll of more than 1,900 technology executives and business professionals, approximately one-third of the participants either didn't know if their organization utilized business analytics – or even if they had business analytics capabilities at all.
"Mind-boggling," said John Lucker, a principal with Deloitte Consulting LLP, leader of its Advanced Analytics and Modeling practice, and one of the webcast presenters. "Organizations have ever more depth and breadth of information readily available within their grasp, and the technology and methods to extract and help synthesize the data are well proven. When you see the low levels of adoption, you have to ask the question, 'Why aren't more companies doing it?'"
One possible reason for this was revealed in the survey. 'Departmentally siloed information' and 'limited cross functional interaction' dominated as two of the foundational issues around how data management, business intelligence, quantitative performance management, and business analytics are enacted. Fifty-two percent of respondents outlined these as the top two challenges.
In looking at the application of business analytics, a high percentage of the respondents – 40 percent – believe that 'improving operational efficiency' is the number one priority and major application of business analytics. Respondents ranked 'customer segmentation and target marketing' as the second leading priority at 17 percent.
"These responses clearly show that, although organizations understand the value of business analytics, most are still struggling with fundamental technical and business process foundations that will allow their organization to implement and use business analytics in a strategic and sustainable way," said Lucker. "That emerging understanding and pent up demand is why these types of investments are going to continue to explode and the demand for business analytics capabilities will continue to increase in the coming months and years."
To learn more about Deloitte's business analytic services and solutions go to www.deloitte.com/us/analytics.
About the Poll
Approximately 1,900 technology executives and business professionals responded to the online polling questions during the August 5, 2010 webcast, "Business Analytics: Shifting from Hindsight to Insight to Foresight"
As used in this document, "Deloitte" means Deloitte Consulting LLP and Deloitte Services LP, which are subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
SOURCE Deloitte Consulting LLP