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Buy-In From Top Execs Is Key for Big Data, BI Success

 
 
By Michael Vizard
 
 
 
 
 
 
 
 
 
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    1 - Drivers of Data Projects
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    Drivers of Data Projects

    Most data projects are driven from the top down: 63% of top performers said data initiatives are launched and driven by their corporate leadership, compared with 38% of bottom performers.
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    2 - Dedicated Data and Analytics Groups Emerge
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    Dedicated Data and Analytics Groups Emerge

    Companies with dedicated groups make for better prospects: 41% have a centralized data and analytics group that takes the lead for introducing and implementing data initiatives, compared with 28% of bottom performers.
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    3 - Tools Matter
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    Tools Matter

    32% of performance leaders think that all employees in their organization have access to the data they need, while only 17% of subpar performers said the same; 20% of top performers said their employees have access to user-friendly ways to carry out data analyses, but just 5% of bottom performers indicated the same.
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    4 - Data Access Make a Difference
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    Data Access Make a Difference

    Visualization of the data equals insights. The ability to access data and quantitative tools that convert numbers to insights is two to three times more common in data-centric companies.
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    5 - Data Access Drives Business Agility
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    Data Access Drives Business Agility

    68% of top performers indicated that information and knowledge is shared more quickly and more freely in their companies, compared with just 36% of underperformers. 56% have seen better collaboration across business units, versus 29%, and 55% believe that speed of execution and quality have improved, compared to 26%.
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    6 - Data Limitations
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    Data Limitations

    More than half, 57%, said they do a poor job of capturing and disseminating important business data, while two-thirds report that data is also unevenly distributed inside the organization.
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    7 - CEOs Live on Another Data Planet
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    CEOs Live on Another Data Planet

    Just under half of CEOs, 47%, are much more likely to believe data and analytical tools are widely available, but only 27% of other respondents feel the same way.
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    8 - CEOs' Data Dreams
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    CEOs' Data Dreams

    Just over half of CEOs, 53%, think data utilization has led to less hierachical decision-making, but only 36% of other respondents agreed.
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    9 - Data Most Desired
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    Data Most Desired

    The most valuable type of data, selected by 53%, is customer demographics and behavioral patterns, which only 28% indicated was widely available. External market data is also ranked relevant and useful by 45%, but only 36% see that as being readily available.
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    10 - The Trouble With Training
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    The Trouble With Training

    Training needs more attention. More than half, 58%, say training is widely used, but only 48% agree it is highly effective.
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    11 - Better Data Equals Better Management
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    Better Data Equals Better Management

    57% of respondents indicated that greater access to data-driven insights gives them better control of internal risks and the capability to operate more efficiently; 45% said they can better respond to external market threats and opportunities.
 

Most solution providers know there is an interest in turning data into a strategic asset, but that it takes a significant buy-in from both business executives and senior IT managers to get those types of projects off the ground. The primary challenge with accomplishing that goal is CEOs who are out of touch with the big data needs of their organizations, according to the findings of a new survey of 362 business executives conducted by the Intelligence Unit of The Economist on behalf of Teradata. Just under half the CEOs polled believe that analytics tools are widely available inside their organizations, while only 27 percent of remaining respondents agreed. The issue that this creates for solution providers across the channel is that support of senior management is critical to getting funding approved for any major business intelligence project. If half the CEOs don't perceive that there is an issue, clearly funding for those projects can be hard to come by. The study also seems to suggest that CEOs who don't have a firm handle on how data is used inside their organizations may find themselves out of a job as their organizations continue to lose ground to smarter competitors.

 
This article was originally published on 2015-01-12