News Article - 23 May 2012
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Senior executives display a limited lack of business analytics knowledge, according to a recently released report from Deloitte Consulting. The report, which questioned 1900 executives, found that one-third either did not know if their organisation made use of business analytics, or even if they had business analytics capabilities at all.

John Lucker, a principal with Deloitte Consulting, labelled the lack of executive knowledge 'mind-boggling,' considering the significant business advantages that can be gained by using key metrics to drive important business decisions.

The main reasons for the widespread lack of knowledge of business analytics, in addition to data management and quantitative performance management, were cited as 'departmentally siloed information' and 'limited cross functional operation' by 52 per cent of respondents.

Regarding the main applications of business analytics, 40 per cent of respondents claimed 'improving operational efficiency' as the major priority. Customer segmentation and targeted marketing ranked second with 17 per cent of respondents recognising its importance.

However, companies do understand the importance of business analytics but find it difficult to both implement a viable package and use the available data in a strategic and sustainable way. Mr Lucker believes that the advantages and benefits that come from using business analytics packages will encourage firms to overcome this initial hurdle.

"That emerging understanding and pent up demand is why these types of investments are going to continue to explode and the demand for business analytics capabilities will continue to increase in the coming months and years," he said. 

Firms that cannot make use of business analytics may quickly lose ground to those who do use metrics to drive strategies and decisions. Access business intelligence software has been engineered to deliver essential metrics to senior managers as easily as possible so that key decisions are made on the back of sound financial data.

The dashboard solution, for example, provides access to key performance indicators via a normal web browser, allowing decision-makers to view key metrics at any time without adding to workloads.

For more information on the benefits of Access business software to companies looking to make the best use of business analytics, please call us on 0845 345 3300.

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