Most firms plan large investments in analytics to drive transformation
If you need proof that analytics is top-of-mind for corporate executives and IT leaders, consider the following: A large majority of organizations - 93% - will be investing more than $1 million in new analytics initiatives this year and in 2019 as part of their digital transformations.
That is the finding of a new study by Corinium Digital commissioned by Paxata, Accenture Applied Intelligence and Microsoft.
As part of the study, Corinium surveyed 100 data and analytics leaders across North America in February 2018, and found that the main purpose for adopting an analytics function is achieving cost savings and efficiency (43%) and to bolster revenue generation (23%).
Asked about the primary driver of digital transformation within their organization, 40% of respondents cited rapid technology development, followed by customer needs and expectations (34%), and the need to break down internal siloes to enable better decision-making (26%).
Three quarters of the organizations are set up and trained on self-service analytics, and 76% of those that are set up think this approach has enabled proliferation, understanding, and use of analytics throughout the business.
Nearly three quarters (72%) of respondents said their organizations are investing more than $2 million to finance new artificial intelligence (AI) initiatives in 2018 and 2019. Areas of AI investment include strategic planning, artificial creativity and computer vision, virtual reality, and image processing.
More than half think AI and machine learning will play an integral part in their organization’s decision-making process.