Nearly all (92%) of product decision makers say data and analytics is critical to success of business, with 8 in 10 saying they could charge significantly more because of the data and analytics they provide.
This is according to a new study from Sisense titled ‘The Business Intelligence Landscape' conducted by The Harris Poll.
The study highlights that companies offering data and analytics to their customers have a competitive advantage and reap the benefits of increased revenue and loyalty.
However, there are some challenges to overcome. For example, 53% of respondents wish their analytics experience was more aligned with user-friendly entertainment applications, such as Netflix and Spotify.
The study also finds that more than 4 in 5 (86%) say that offering data and analytics to their customers plays a critical role in not only the satisfaction of those customers but also in terms of building and retaining loyal customers.
For a direct tie to the bottom line, 96% note that an increase in average selling prices would be possible with personalised and customised analytics, with 46% noting they could charge 10-19% more for their products and services because of the analytics they provide.
The study finds, nearly all decision-makers (94%) feel companies that are able to deliver data and analytics at the right time to the right people are considered innovative.
Other key points include the following:
- 96% believe their customers are interested in having AI-driven insights that can provide actionable, personalised intelligence in the context of their activity
- 97% think their customers are interested in analytics provided in the context of the task the user is completing
- 97% note that customers want analytics more personalised to the specific end user
- 96% feel customers want data customised to their industries or consumer activity
- 95% think their customers want interactive analytics
- 56% believe that customers would find prescriptive analytics most useful
Looking to the future, 81% of product decision makers say that if they could provide their customers with personalised data and analytics, it should be provided by embedding those into communication software or platforms, custom-built apps or off-the-shelf business or SaaS applications.
While the numbers speak to the opportunity, 83% of decision makers think their customers currently are making decisions without proper data and analytics at least sometimes, the study finds.
However, product decision makers cite barriers in being able to deliver such offerings. In fact, 41% of decision-makers cite legal and compliance requirements as an issue, and 38% say their customers have difficulty accessing information.
This access may in large part be due to the fact that 92% of decision makers deliver data and analytics to customers via non-embedded methods such as email and dashboards, requiring them to disrupt their workflows to go elsewhere for critical information, according to the study.
Sisense chief product and marketing officer Ashley Kramer says, “The results from this third-party study are directly in line with what we are hearing from our customers and see in 2022 for analytics.
"Firstly, we expect organisations will redefine what it means to build a ‘culture of analytics' by bringing insights to workers in a more digestible way, such as embedding them into regular processes so no new skills are required.
"Secondly, most data-driven organisations will combat tool fatigue by bringing data to workers where they are, directly within their workflows.
Kramer continues, “And lastly, we see automation turning descriptive analytics, that demonstrate what already happened, and predictive analytics, profiling what will happen, into prescriptive guidance, focusing on what the best course of action to take is to make smart, proactive decisions.