The pandemic has propelled the maturity of BI and data - analytics within ANZ businesses, a new report from Sisense has revealed.
Surveying over 460 companies in the region, the ANZ State of BI - Analytics Report 2020: Special COVID-19 Edition revealed 67% of respondents found BI and analytics programs are more important or much more important to their daily operations now. Meanwhile, 55% of companies are using data sources, analytics, and dashboards more often or much more often than before COVID-19.
Pressing challenges exist, but businesses in ANZ remain optimistic
While respondents acknowledged pandemic related challenges, such as workforce issues and new ways of working (30%) and adapting to shifts in the economy, market, driving revenue, and managing cash flow (12%), many businesses remain optimistic.
In fact, 30% of organisations are looking to scale and grow, with only 22% cutting back over the next six months. Additionally, 33% said the post-COVID-19 global situation will create new growth opportunities.
Organisations in ANZ value BI and data analytics more than ever
The report found 77% will either maintain or increase spend on BI/data analytics initiatives in the near future, including software, tools, time, and team members.
Meanwhile 79% of respondents confirmed they are either very likely or somewhat likely to replatform and migrate to the cloud as a result of COVID-19.
Nearly all organisations (99.5%) are also developing new use cases for data to maintain business continuity. Forty-seven percent are using data to improve efficiency, 40% to identify new revenue streams, 29% to optimise supply chains, and 29% to reduce expenses.
Marketing is leading the charge
More than 50% of organisations reported the marketing department is currently performing analytics or employing BI solutions, followed by operations (40%), finance (33%), and HR (31%). Forty percent of respondents also pointed to marketing as the department to be adding BI and analytics solutions as a result of COVID-19.
The future outlook for data analytics in ANZ is optimistic
Sisense's vice president of APAC, Eyal Mekler, says the survey shows data professionals within the ANZ region are optimistic about business stability, and have a strong appetite to innovate, despite the challenges the pandemic has presented to the ANZ region.
“At a time of great business and economic uncertainty, organisations across Australia and New Zealand no doubt face many challenges, from adapting to new ways of working, managing cash flow, to driving new revenue streams,” Mekler says.
“Today's rapidly changing environment requires them to be more agile than ever. In order to make quick decisions, they need insights at their fingertips and only Sisense is able to infuse intelligence everywhere so that the right person gets the right insights where they need them.”
“Sisense, coupled with an appetite to innovate, is what will be key to keeping businesses strong in the region. We're excited to help support businesses in ANZ with the right data analytics solutions and systems to give them the strength, agility, and visibility they need to navigate successfully ahead.”
The ANZ State of BI - Analytics Report 2020 is an inaugural regional research study from Sisense. Plans are to field future surveys and accompanying reports.
The complete report, the ANZ State of BI - and Analytics Report 2020: Special COVID-19 Edition is available now.