The competitive advantages realized from a dependable Business Intelligence (BI) and Analytics program are well-documented.
Everything from reduced business costs and increased customer retention to better decision-making and the ability to forecast opportunities have been observed outcomes from BI/A programs. The implementation of such a program remains a necessity for any growing or mature enterprise. A comprehensive BI and Analytics program — one that includes traditional Descriptive Analytics, along with next generation categories such as Predictive or Prescriptive Analytics — is indispensable for business success.
The published research paper, Business Intelligence versus Data Science, is authored by Kelle O’Neal, Founder and CEO of First San Francisco Partners, in collaboration with Charles Roe for DATAVERSITY. The paper features results from a 2015 survey, including:
- Almost half of respondents are getting their Advanced Analytics training from blogs, screencasts and other Web sources.
- Only 17% of the enterprises surveyed have a Predictive/Prescriptive Analytics program that has been in practice for multiple years.
- 80% said that they will be investing in Predictive Analytics over the next five years.
- Nearly half of respondents said that improved understanding of customers is the primary reason for investing in Data Science.
- More than 40% remarked that their biggest concern about investing in a Data Science program was unclear benefits or outcomes.
- Better decision-making and improved understanding of business results ranked as the most important measurements of Predictive Analytics/Data Science program effectiveness.
- Increased operational efficiency, better impact analyses, cost reductions, and more accurate forecasting were some of the top outputs that senior executives want to see from analytics programs.