92% of Product Decision Makers Say Data & Analytics Critical to Success of Business; 8 in 10 Say They Could Charge Up to Nearly 20% More Because of Data & Analytics They Provide
New Harris Poll/Sisense Study Titled “The Business Intelligence Landscape” Outlines the Value of Analytics, Making Connection to the Bottom Line, but Notes Current Barriers to Success
Sisense, the leading AI-driven platform for infusing analytics everywhere, today announced a new study, “The Business Intelligence Landscape” commissioned by Sisense and conducted by The Harris Poll among product decision makers, 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.
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“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”
Analytics Drive Business Value
92% of product decision makers say that data and analytics are critical to the success of their businesses. 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.
And for a direct tie to the bottom line, 96% note that an increase in average selling prices would be possible with personalized and customized analytics, with 46% noting they could charge 10-19% more for their products and services because of the analytics they provide.
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See Figure A.
Benefits of Embedded, Actionable Personalized Intelligence
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:
- 96% believe their customers are interested in having AI-driven insights that can provide actionable, personalized 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 personalized to the specific end user
- 96% feel customers want data customized 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 personalized 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.
Current Barriers to Success with Analytics
While the numbers above speak to the opportunity, 83% of decision makers think their customers currently are making decisions without proper data and analytics at least sometimes. However, product decision makers cite barriers in being able to deliver such offerings. 41% of decision-makers cite legal and compliance requirements as an issue. 38% say their customers have difficulty accessing information. And 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.
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