guest contribution: COVID-19 has presented a number of business challenges across the region, as companies adapt to stay in business. During COVID-19, Sisense surveyed 460 data professionals in the ANZ region to discover how their use of data analytics has shifted due to the pandemic..
The results of the ANZ State of BI & Analytics Survey were clear: Companies across Australia and New Zealand are relying on data analytics to help make better decisions and boost their businesses in the face of the current volatile economic landscape.
While having to rethink business models quickly can certainly be upsetting, it can also be a source of strength.. There is no greater learning than that which has been done in the crucible of crisis, and as a result companies are emerging stronger.
Sisense found that 67% of respondents said analytics and intelligence software is more important or more important to their day-to-day operations today, and that 55% of companies use data sources, analytics and dashboards more often or much more often than they were before COVID- 19.. In fact, only 2% felt it was a lot less important.
One thing is clear: The COVID-19 virus and the current business environment have pushed business intelligence and data analytics to the forefront of everyone’s mind, as companies search for new tools to lure them to achieve both efficiencies and benefits..
The survey revealed that nearly all organizations (99. 5%) develop new use cases for data to maintain business continuity, with 47% using data to improve efficiency, 40% to identify new revenue streams, 29% to improve supply chains, and 29% to reduce expenditures.
Organizations adapt to a changing environment and are forced to make decisions that affect future success. Companies are looking for innovative ways to direct their business or rethink their business models with data.
New ways of working and restructuring are putting pressure on companies to become more efficient, and changing customer habits requires companies to adapt to new needs. Now, companies of all sizes are looking for data to identify financial waste and cut costs.
Organizations across Australia and New Zealand recognize that business intelligence and analytics can actually help solve key corporate challenges in their current operating environment. Survey results indicate that these organizations recognize that scaling back data analytics at this time will have a detrimental effect on business now and in the future..
This new appreciation for business intelligence and analytics is reflected in budgets and investment: 78% of respondents either maintain or increase spending on information / data analytics initiatives, including software, tools, time, and team members.
All this is added to Australian and New Zealand companies becoming more data-aware in a post-COVID-19 operating environment, leading to greater business success in the future..
As marketers in the region become more data dependent, they act as enterprise-wide change agents who provide insights and help build data-driven businesses. They know that in order to maintain a competitive advantage in a downturn, leveraging data can not only attract and retain clients but also help improve internal efficiencies significantly..
So it stands to reason that marketing is driving business intelligence and fee analytics locally, with more than 50% of organizations reporting that the marketing department is currently conducting analytics or employing BI solutions, followed by Operations (40%), Finance (33%), and HR (31 %).
This was further clarified by 40% of respondents who also cited Marketing as the section that will add BI solutions and analytics as a result of COVID-19.
It may be a long time coming, but shifting to the cloud is a number one in mind, with many companies looking to cloud as a strategic cost advantage.. 79% of Sisense survey respondents confirmed that they are either very likely or somewhat likely to return the platform and move to the cloud as a result of COVID-19..
Why? Because the advantages are many. The cloud-based business eliminates the cost inefficiencies of physical servers and the storage and maintenance challenges they inherently encounter. Cloud-based businesses are also smarter and more central to respond to outside business challenges.
Those companies already on the cloud were suddenly in a much better position to manage their workforce remotely, and this understanding has propelled a new concept across the region that a cloud-based business can operate anywhere, anytime within Minimal disruption, infusing analyzes in the right place and time, every time.
While the Sisense survey generally provides a positive picture for businesses in the region, COVID-19 is not without its challenges. While companies remain optimistic, the survey responses also feature common issues that companies face in the ANZ region.
However, it is these challenges that have driven the region’s use of business intelligence and analytics to address and identify new opportunities in the contracting business environment.. The advantages that this adoption will experience now and in the future can be considered limitless.
In the end, many respondents’ business outlook remains optimistic. While the majority already aim to stay afloat over the next six months (47%), nearly a third (29%) are looking to expand and grow at this time, reflecting a positive response to this unprecedented uncertainty..
Companies, in general, see a significant opportunity for the transformation brought about by COVID-19, which is mainly related to leadership efficiency, technological innovation, remote work solutions and improved healthcare.
In fact, 33% said the post-COVID-19 global situation will create new opportunities for growth. Industries such as industry / manufacturing, healthcare, technology, logistics / supply chain, and retail companies are using this as an opportunity to refocus their business models or plan their resources..
COVID-19 has driven the perception in the region that every company is a data company. Correct insights allow the company, regardless of size or industry, to choose a new path, informed by data as a source of truth..
Sisense offers the only independent analytics platform for developers to simplify complex data and create and embed analytics applications that provide insights for everyone inside and outside their organizations. Sisense enables developers to collaborate on a single platform, delivered in a native hybrid cloud environment with the lowest cost of ownership in the industry, to create a true democracy and data analytics.
More than 2,000 clients worldwide, including large corporations, Fortune 500 companies, smaller startups, and nonprofits depend on Sisense. Industry leaders like UiPath, Tinder, Philips, Nasdaq, and Salvation Army Sisense are using it to transform complex data into insights with the speed, power and flexibility needed to gain a competitive advantage.. Learn more at www. sisense. Com.
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World News – AU – iTWire – Why is the craving for BI and analytics across A / NZ increasing since COVID-19
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