Gartner: Advanced Analytics Is a Top Business Priority
October 22, 2014
Share this

Gartner, Inc. said advanced analytics is a top business priority, fueled by the need to make advanced analysis accessible to more users and broaden the insight into the business. Advanced analytics is the fastest-growing segment of the business intelligence (BI) and analytics software market and surpassed $1 billion in 2013.

"While advanced analytics have existed for over 20 years, big data has accelerated interest in the market and its position in the business," said Alexander Linden, Research Director at Gartner. "Rather than being the domain of a few select groups (for example, marketing, risk), many more business functions now have a legitimate interest in this capability to help foster better decision making and improved business outcomes."

IT and business leaders must expand their efforts to move their organizations from using only traditional BI that addresses descriptive analysis (what happened) to advanced analytics, which complements by answering "why", "what will happen" and "how we can address it".


Source: Gartner (October 2014)

"While basic analytics provide a general summary of data, advanced analytics deliver deeper data knowledge and granular data analysis," added Linden. The rewards of data-driven decision making can be a powerful boost to business outcomes. However, creating value from data requires a range of talents, from data integration and preparation, to architecting specialized computing/database environments, to data mining and intelligent algorithms. "Extracting value out of data is not a trivial task," said Linden. "One of the key elements of any such 'making sense out of data' program is the people, who must have the right skills and capabilities."

Data scientists in the organization support big data initiatives for which the No. 1 use case is enhancing customer experience. According to Gartner's latest global big data survey conducted in 2014, 68 per cent of respondents said that they use big data to enhance their customer experience. This is the third year customer experience has been a top business problem to address.

"Data scientists are not business analysts," said Linden. "They are professionals with the capability to derive mathematical models from data to reap clear and hard-hitting business benefits. They need to network well across different business units and work at the intersection of business goals, constraints, processes, available data and analytical possibilities."

Ultimately, data science is inevitable as it can help extract various kinds of knowledge from data, for example, how to acquire new customers (database marketing), how to do more cross-selling (via propensity-to-purchase modeling), information on route optimization, drug design and demand or failure prediction.

"Whether an organization calls the role data scientist or something else, individuals (or teams of professionals) with these core skills and soft skills will prove essential in maximizing the realized value of your information assets, and discovering opportunities for enhanced business performance and competitive advantage," said Linden.

About Gartner's Global Big Data Survey: The Gartner survey of 302 Gartner Research Circle members worldwide, which was conducted in June 2014, was designed to explore organizations' technology investment plans relating to big data, stages of big data adoption, business problems solved data, technology and challenges and compare the results with those from previous years.

Share this

The Latest

June 26, 2017

Many organizations are struggling to resolve customer-impacting incidents quickly enough to preserve brand loyalty and revenue, according to PagerDuty's recent State of Digital Operations Report ...

June 23, 2017

"Become the Automator, Not the Automated." While it's a simple enough phrase, it speaks directly to how today's organizations and IT teams must innovate to remain competitive. A critical aspect of innovation is acknowledging the digital transformation of businesses. The move to digitalization enables organizations to more effectively unlock the power of information technology (IT) to fuel and accelerate business innovation. It is a competitive weapon and a survival imperative ...

June 22, 2017

Executives in the US and Europe now place broad trust in Artificial Intelligence (AI) and machine learning systems, designed to protect organizations from more dynamic pernicious cyber threats, according to Radware's 2017 Executive Application & Network Security Survey ....

June 21, 2017

While IT service management (ITSM) has too often been viewed by the industry as an area of reactive management with fading process efficiencies and legacy concerns, a new study by Enterprise Management Associates (EMA) reveals that, in many organizations, ITSM is becoming a hub of innovation ...

June 20, 2017

Cloud is quickly becoming the new normal. The challenge for organizations is that increased cloud usage means increased complexity, often leading to a kind of infrastructure "blind spot." So how do companies break the blind spot and get back on track? ...

June 19, 2017

Hybrid IT is becoming a standard enterprise model, but there’s no single playbook to get there, according to a new report by Dimension Data entitled The Success Factors for Managing Hybrid IT ...

June 16, 2017

Any mobile app developer will tell you that one of the greatest challenges in monetizing their apps through video ads isn't finding the right demand or knowing when to run the videos; it's figuring out how to present video ads without slowing down their apps ...

June 15, 2017

40 percent of UK retail websites experience downtime during seasonal peaks, according to a recent study by Cogeco Peer 1 ...

June 14, 2017

Predictive analytics is a popular ITOA technology that you can leverage to improve your business by leaps and bounds. Predictive analytics analyzes relationships among various data points to predict behavioral trends, growth opportunities and risks, which can add critical value to your business. Here are a few questions to help you decide if predictive analytics is right for your business ...

June 13, 2017

Many organizations are at a tipping point, as new technology demands are set to outstrip the skills supply, according to a new Global Digital Transformation Skills Study by Brocade ...