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

April 19, 2024

In MEAN TIME TO INSIGHT Episode 5, Shamus McGillicuddy, VP of Research, Network Infrastructure and Operations, at EMA discusses the network source of truth ...

April 18, 2024

A vast majority (89%) of organizations have rapidly expanded their technology in the past few years and three quarters (76%) say it's brought with it increased "chaos" that they have to manage, according to Situation Report 2024: Managing Technology Chaos from Software AG ...

April 17, 2024

In 2024 the number one challenge facing IT teams is a lack of skilled workers, and many are turning to automation as an answer, according to IT Trends: 2024 Industry Report ...

April 16, 2024

Organizations are continuing to embrace multicloud environments and cloud-native architectures to enable rapid transformation and deliver secure innovation. However, despite the speed, scale, and agility enabled by these modern cloud ecosystems, organizations are struggling to manage the explosion of data they create, according to The state of observability 2024: Overcoming complexity through AI-driven analytics and automation strategies, a report from Dynatrace ...

April 15, 2024

Organizations recognize the value of observability, but only 10% of them are actually practicing full observability of their applications and infrastructure. This is among the key findings from the recently completed Logz.io 2024 Observability Pulse Survey and Report ...

April 11, 2024

Businesses must adopt a comprehensive Internet Performance Monitoring (IPM) strategy, says Enterprise Management Associates (EMA), a leading IT analyst research firm. This strategy is crucial to bridge the significant observability gap within today's complex IT infrastructures. The recommendation is particularly timely, given that 99% of enterprises are expanding their use of the Internet as a primary connectivity conduit while facing challenges due to the inefficiency of multiple, disjointed monitoring tools, according to Modern Enterprises Must Boost Observability with Internet Performance Monitoring, a new report from EMA and Catchpoint ...

April 10, 2024

Choosing the right approach is critical with cloud monitoring in hybrid environments. Otherwise, you may drive up costs with features you don’t need and risk diminishing the visibility of your on-premises IT ...

April 09, 2024

Consumers ranked the marketing strategies and missteps that most significantly impact brand trust, which 73% say is their biggest motivator to share first-party data, according to The Rules of the Marketing Game, a 2023 report from Pantheon ...

April 08, 2024

Digital experience monitoring is the practice of monitoring and analyzing the complete digital user journey of your applications, websites, APIs, and other digital services. It involves tracking the performance of your web application from the perspective of the end user, providing detailed insights on user experience, app performance, and customer satisfaction ...

April 04, 2024
Modern organizations race to launch their high-quality cloud applications as soon as possible. On the other hand, time to market also plays an essential role in determining the application's success. However, without effective testing, it's hard to be confident in the final product ...