Analytics To Outpace Other Software Spending In Next 12-18 Months

A report says global organisational spending in analytics will outpace other software investments over the next 12-18 months.

The report revealed that as many as 73 per cent of the organisations expect their spending in analytics to leave behind other software investments in the near future. The numbers are interesting as the survey finds that less than 50 per cent of business decisions are based on analytics.

Further, even fewer are maximising advanced analytics, as less than 30 per cent of decisions are informed by artificial intelligence and machine learning for most organisations.

The report found that organisations that had invested in a low-code/no-code analytics automation platform and followed specific strategies improved their financial, customer, and operational metrics. But many business processes in digital economy still run manually on paper and outdated spreadsheets, which is creating analytics gap.

As many as 93 per cent of organisations are not fully using the analytics skills of their employees. This is in part due to only one out of five organisations reporting commensurate investment in upskilling for analytics and data literacy, IDC research found.

In a statement, Dan Vesset, group vice president, Analytics and Information Management, IDC said, “What we’re seeing is that organisations that provide analytics tools that are easy to use and easy to access, while upskilling their talent, achieve more ROI from their respective analytics investment than organisations who do not.”