Unlocking Success: Why 92% of Product Leaders Rely on Data and Analytics
Enterprise Research: The Impact of Data and Analytics
A recent survey titled “The Business Intelligence Landscape,” commissioned by Sisense and conducted by The Harris Poll, reveals that businesses providing data and analytics gain a competitive edge, ultimately leading to enhanced revenue and customer loyalty. Despite this, the study also identifies significant hurdles. For instance, over half of the participants (53%) expressed a desire for their analytics experiences to mimic those of user-friendly entertainment platforms like Netflix and Spotify.
Analytics as a Catalyst for Business Success
According to the findings, a remarkable 92% of product decision-makers indicate that data and analytics are essential for their success. Additionally, more than 86% believe that offering data and analytics is pivotal not only for customer satisfaction but also for cultivating customer loyalty. A direct correlation between personalized analytics and increased revenue is also highlighted, with 96% of respondents indicating they could raise average selling prices due to tailored analytics, with 46% suggesting they could charge 10-19% more for their products and services.
The Advantages of Actionable Intelligence
Nearly all respondents (94%) concur that companies capable of delivering timely data and analytics are perceived as innovative. Other significant insights include:
- 96% believe customers are keen on receiving AI-driven insights that provide actionable and personalized intelligence tailored to their activities.
- 97% think customers prefer analytics presented in the context of their tasks.
- 97% acknowledge a desire for more personalized analytics for individual users.
- 96% feel customers want data customized to their respective industries or consumer behaviors.
- 95% think that users seek interactive analytics.
- 56% assert that prescriptive analytics would be particularly beneficial for customers.
Looking ahead, 81% of product decision-makers propose embedding personalized data and analytics within communication software, custom applications, or standard SaaS solutions to enhance accessibility.
Current Challenges in Data Analytics Implementation
While the opportunities are promising, 83% of decision-makers believe that their customers often make decisions without the appropriate data and analytics. The key barriers preventing effective delivery include:
- Legal and compliance requirements cited by 41% of participants.
- Access issues reported by 38% of respondents.
- A significant number (92%) still distribute data and analytics through non-embedded methods like emails and dashboards, which disrupt users’ workflows.
Looking to the Future of Analytics
According to Sisense Chief Product and Marketing Officer Ashley Kramer, current trends indicate organizations will redefine a “culture of analytics.” They will likely embed insights within regular processes for easier access without needing new skills. Moreover, data-driven organizations are expected to combat tool fatigue by integrating data directly into workflows. Furthermore, a shift towards automation is anticipated, where descriptive analytics will evolve into prescriptive guidance, focusing on proactive decision-making.
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