Our recent survey – ‘Understanding the Impact of Data’ – highlighted the key areas where organisations see value in data analytics and emerging technologies. It also revealed some of the factors supporting and limiting technology adoption and also provided insight into the impact COVID-19 on their data journey.
Data in Action
82.5% of respondents stated that they currently use data, data science or data analytics to help improve operations. Further to this, 7.5% of respondents stated that although they do not do so at present, they would like to adopt data, data science or data analytics as part of their operations in the near future. This is a significant increase over the 59% adoption rate highlighted by Forbes in 2018.
Just over half of respondents stated that they currently utilise Emerging Technologies such as Artificial Intelligence or Machine Learning to help improve operations. In addition, 12.8% of respondents stated that although they do not do so at present, they would like to adopt emerging technologies such as Artificial Intelligence & Machine Learning as part of their operations.
This response closely aligns with a 2019 Gartner survey that found that 59% of respondents said that they already deployed Artificial Intelligence as part of their operation.
Benefits of Data Analytics & Emerging Technologies
In response to a multiple-choice question, 67.5% of respondents stated that they considered ’empowered decision-making’ to be one of the greatest benefits to adopting data analytics or emerging technologies within their organisation. This aligns closely with a 2019 report from Gartner which found that 70% of chief auditors are more likely to act on recommendations based on data-driven insights.
In addition, 55% of respondents stated that they considered ‘identifying operational efficiency’ and ‘process automation’ to be one of the greatest benefits of adopting data analytics and emerging technologies within their organisation.
For organisations with a data analytics or emerging technologies solution already in place, 57.1% stated that they considered ‘access to good quality data’ and ‘a clear definition of business objectives’ to have been a significant driver in technology adoption rates.
53.8% of respondents that did not have a data analytics or emerging technologies solution in place stated that being ‘unable to access the appropriate resources such as staff or technical infrastructure’ limited or prevented their organisation’s adoption rate.
This skills shortage was highlighted further in a 2019 report from The Royal Society which found that between 2013 and 2018 demand for Data Scientists and Data Engineers rose by 1287% and 452% respectively – compared to an increase of just 36% for all types of workers during the same period.
Impact of COVID-19
The ongoing COVID-19 crisis has had a measurable, but varied, impact on organisation’s adoption of data analytics and emerging technologies. 46.2% of respondents stated that the pandemic has increased their market scoping and implementation rate. One in four respondents registered a reduction in their scoping and implementation rate, and 11.5% stated that it has stopped their search for a data analytics solution completely. Only 15.4% of respondents stated that the crisis had no impact.
Following our survey, on Tuesday 17th November, Analytics Engines will host a webinar titled “Finding the Needle in the Haystack: How low-code, no-code data analytics solutions reduce complexity, de-risk decision-making and empower business specialists.”
During the webinar, we’ll explore the growing market demand for Low-code, No-code data analytics solutions and showcase a number of real-world examples of these solutions in action. We’ll explore their impact and discuss how they’ve helped to bridge the data science skills gap and empower business experts.
We’ll also be joined by Coriolis Technologies Founder and CEO, Dr Rebecca Harding. Rebecca will discuss the ways by which MultiLateral, a no-code trade finance solution, developed in partnership between Analytics Engines and Coriolis Technologies, enables her and her team to draw meaningful insights from complex global com-trade data, quickly and clearly.
To find out more and to register for this webinar, please click the button below.
Addressing your Data Challenges
Analytics Engines helps organisations to understand how data can solve their business problem. New techniques (such as process automation) and approaches (including low-code, no-code UIs) can eliminate skills and technology bottlenecks. This provides specialist business teams with the tools and time they need to do what they do best.
To arrange a free data discovery workshop with one of our data experts, contact us using the form below.