Published: 01 October 2020
Analyst(s): Corporate Strategy Research Team
Here’s a roll-up of pandemic-related executive sentiment and insights from thousands of functional leaders across the C-suite.
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Executives continue to invest in data and analytics despite their ongoing discomfort with the results and the practical difficulties of embedding the findings into their decision making.
Fifty-eight percent of respondents to our survey of over 1,800 IT leaders (who are mostly CIOs) said their enterprise would be spending more on business intelligence and data analytics next year. The only category of technology spending that outranked it was cyber and information security.
Almost one third (32%) of respondents also said the COVID-19 crisis has improved their organization’s ability to fund new business initiatives, although 44% said there was no change and about 24% say the crisis has reduced their ability to fund them.
Overall, most plan to move forward with a host of digital business initiatives next year, according to the polling during July and August:
In almost all industry sectors represented, the majority plan to accelerate their business intelligence and data analytics investments. What’s notable is that they include industries that have been most disrupted by the COVID-19 crisis — including healthcare providers, oil and gas, consumer goods, transportation, retail and automotive:
Most executives (85%) responding to our August survey of technology end users told us they’ve made it their personal priority to rely more on data and analytics as an important input for making decisions. That’s significantly ahead of the number choosing personal experience (66%) and advice from others (65%), within their top three.
And yet they struggle to incorporate data into their decision making. Challenges include:
Finding the right type of data (31%)
Accessing quality data (28%)
Getting clear signals from the data or analysis about what to do (23%)
Feeling confident in sample sizes (22%)
Consumers of marketing analytics told us that almost half (46%) of the decisions they make are not influenced by that data.
In fact, disappointment with the impact of marketing analytics rises at the higher echelons of management. Just over half (54%) of senior leaders responsible for either producing or consuming marketing analytics have told us the results haven’t affected the marketing operations as much as they’d expected, while 37% in the middle ranks said the same, according to our survey from June and July.
Given the strategic importance of data-driven marketing, why is this happening?
As with the more general group of end users, almost one third (32%) of marketing leaders find the data conflicts with the intended course of action. Likewise, they are hampered by poor quality data (32%). They also report that the analysis lacks clear recommendations (31%) or isn’t actionable (29%).
Yet over the next two years 44% have plans to increase the size of their marketing analytics team, while 38% will keep it about the same. Less than one fifth (18%) plan to shrink the analytics staff. When asked to name their top three reasons for making such reductions or making no changes, they most often cited the impact of the coronavirus (38%). Noted nearly as frequently:
Thirty-seven percent say the current team is of sufficient size to meet their needs.
Investments in automation reduce the need for humans to process data (34%) and even make decisions (31%).
Research Circle/Primary Research Management
Data and Analytics
Compiled by Daniel Ryntjes
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