To mark its 10th year in business, Ventana Research has released what it calls its “most ambitious benchmark research undertaking ever.” The new report, titled Business Technology Innovation, identifies six key areas that show promise to become critical differentiators for improvement in business performance and processes. The six areas are as follows: Big Data; Business Analytics; Social Media; Mobile Technology; Business Collaboration; and Cloud Computing.
Interestingly, those who participated in the research overwhelmingly chose Business Analytics to be the most impactful of the six technologies. According to Ventana’s report: “To assess the impacts of these innovative technologies, we first asked research participants their view of the relative importance of each for improving their organization’s performance or value. The dominant first choice, selected by two in five organizations (39 percent), was business analytics, which received more than twice as many top rankings as the second choice, business and social collaboration (16 percent).”
The research also shows that two-thirds of participants are engaged with business analytics: 46 percent have been using the technology for more than a year, and 21 percent have begun to use it within the last year. Moreover, organizations are pleased with their efforts: Among those that have used business analytics for more than a year, two-thirds are satisfied with the process of creating analytics.
Although business analytics matter greatly to research participants, many reported not being happy with how it is used. One issue in the analytics process is having to spend time in ancillary activities such as reviewing data for quality and consistency issues (on which 21 percent spend the most time), preparing data for analysis (16 percent), and waiting for data and information (7 percent). Users who avoid these pitfalls are able to spend the most time determining how changes impact current business (20 percent), as well as the root causes of situations (13 percent). Thus, having to spend time on data-related tasks is an impediment to realizing full value from analytics.
Ventana concludes that analytics is an essential tool for any size organization seeking to be innovative in its operations. For more information about the report, visit: http://www.ventanaresearch.com/research/benchmarkDetail.aspx?id=3299