Analytics is Critical to Day-to-Day Decisions, but Further Analytics Adoption is Restricted by Shortage of Talent, According to Lavastorm Analytics Survey
Quantitative Skills and Analytics Tool Training are the Skills Most Needed by Organizations
October 16, 2013 | Download
Lavastorm Analytics announced today the findings of its new research study, “Analytic Skills, Tools, and Attitudes 2013”, a survey of more than 425 participants in the analytics industry, which concluded that although the vast majority of organizations already view analytics as critical to day-to-day decisions, a shortage of analytics talent is preventing further adoption.
Nearly 83 percent of survey respondents indicated that analytics is critical to their organizations’ decision-making processes and that they rely on data-driven insight rather than past experiences, intuitions and gut feelings. Although the vast majority felt that analytics is important, more than 65 percent of respondents believe that their organization has a shortage of people with skills to glean insights from data.
The survey found that the biggest factors holding organizations back from using analytics include:
- Lack of skills/training/education (19 percent)
- Lack of funding or resources (18 percent)
- Inadequate support from executives (10 percent)
- Data is not integrated (9 percent)
Further, respondents felt that the skills most urgently needed in their organizations include statistics, math or quantitative skills (48 percent), analytics tools training (40 percent) and critical thinking (28 percent). Critical thinking (43 percent) and math and quantitative skills (41 percent) were identified as the top abilities that are necessary for respondents to be successful in their roles. To make their jobs easier and more valuable, respondents recommended implementing self-service tools for the data warehouse and business intelligence platforms (23 percent), more resources or funding (13 percent) and increased awareness of the opportunities to apply analytics, including Big Data initiatives (13 percent).
“Our latest survey points towards a major inflection point in the importance of analytics in building great businesses. Data-driven insights have become critical to improving organizational decision-making,” said Drew Rockwell, CEO of Lavastorm Analytics. “However, there is a supply and demand gap that, left unaddressed, will stall the obvious advantages of data-driven decision-making.”
“Creative strategies are required to do deal this gap. While education and training are part of the solution, traditional supply will never keep up with explosive demands – the gap will get bigger,” Rockwell added. Disruptive software companies, like Lavastorm Analytics, are putting the power of programming in the hands of business analysts without computer science degrees or programming capabilities, to make it both easier and faster for those analysts to be able to get insight and value from a wide variety of data. A combination of education and training, and powerful and increasingly easy-to-use new self-service analytic platforms, are required to match supply with demand.”
While most organizations expressed a commitment to analytics, they don’t necessarily use the same structural approach. In 62% of organizations, both business and IT departments have analytics resources and capabilities, but more often than not, these departments function independently of each other rather than collaboratively.
Lavastorm Analytics’ survey included the insights of more than 425 business analysts, technologists, data analytics professionals, managers and C-level professionals who work in a wide range of industries, including financial services, telecommunications, healthcare, software and business services. The research was conducted within several major analytics communities, including the Lavastorm Analytics LinkedIn group, which counts nearly 6,000 analytics professionals as members, Data Science Central and KDNuggets. For the full research report, please visit http://ww2.lavastorm.com/2013-Analytical-Skills-Tools-Attitudes-Survey.html.
Those accessing the full research report will also be invited to explore the raw survey data themselves with the Lavastorm Analytics Engine and can request a trial license at http://www.lavastorm.com/software-request/trial/.