Data and analytics are instrumental to helping organizations successfully solve problems and 84 percent of organizations have either already deployed or have data-driven projects on their roadmaps.
A new study from Foundry shows data-driven projects continue to accelerate as 34 percent of organizations state that they have already deployed or implemented them compared to 28 percent of organizations saying the same in 2021.
Top objectives for implementation include improving and automating internal business process (50 percent), improving customer insight and engagement (46 percent), improving customer service and support (43 percent), and improving and automating IT operations (also 43 percent).
“Data and analytics tools continue to improve and the clear demand for these types of projects will continue to efficiently move these initiatives forward,” says Stacey Raap, marketing and research manager at Foundry. “These tools are providing businesses with invaluable insights, allowing them to increase performance and growth. We will likely see data and analytics tools in all parts of the business as they continue to advance.”
The average spend on data-driven initiatives over the next 12 months is $12.3M, with 55 percent of decision makers expecting the IT budget allocated to data-driven initiatives to increase in the next year.
But although data initiatives are being pursued there are still challenges. When asked which areas within their data-driven initiatives are causing the most pain for their organization, the majority of respondents cite data quality (41 percent), followed by data security and governance (38 percent), data analysis (31 percent), and data preparation/transformation (29 percent).
“As with any part of an organization’s growing technology stack, there are always challenges to overcome and IT teams and end users need to be given the correct resources to continue moving in a forward trajectory,” adds Raap. “Organizations must invest to alleviate the pain points associated with data-driven tools and provide employees with the needed resources to refine their skillset.”
The full report is available from the Foundry site.