In a recent study on the analytics tools and skills of executives in the analytics industry, it was revealed that while the vast majority of organizations view analytics as critical to day-to-day decisions, there is a current shortage of analytics talent which prevents further adoption of the instrument to advance the organisation’s goals.
Nearly 83 percent of survey respondents indicated that analytics is critical to their organizations’ decision-making processes and that they rely on data-driven insight rather than past experiences, intuitions and gut feelings. Although the vast majority felt that analytics is important, more than 65 percent of respondents believe that their organization has a shortage of people with skills to glean insights from data.
The survey found that the biggest factors holding organizations back from using analytics include:
- Lack of skills/training/education (19 percent)
- Lack of funding or resources (18 percent)
- Inadequate support from executives (10 percent)
- Data is not integrated (9 percent)
Further, respondents felt that the skills most urgently needed in their organizations include statistics, math or quantitative skills (48 percent), analytics tools training (40 percent) and critical thinking (28 percent). Critical thinking (43 percent) and math and quantitative skills (41 percent) were identified as the top abilities that are necessary for respondents to be successful in their roles. To make their jobs easier and more valuable, respondents recommended implementing self-service tools for the data warehouse and business intelligence platforms (23 percent), more resources or funding (13 percent) and increased awareness of the opportunities to apply analytics, including Big Data initiatives (13 percent).
BLM Managerial Implication
Organisations have to employ strategies to close this gap, combining education and training on current executives involved in the area using advanced analytical platforms in order to match supply with demand. While most organizations expressed a commitment to analytics, they do not necessarily use the same structural approach. The business and IT departments of 62% of organisations have analytics resources and capabilities, but these departments function independently of each other rather than collaboratively. It behooves organisations to take a look at how this can be restructured or culturally reoriented to better ensure synergies are achieved.
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