Nearly half of US companies say analytics is more important now than before the COVID-19 pandemic, according to new, joint research by Sisense and Meidata. The data comes from Sisense’s first State of BI & Analytics Report 2020: Special COVID-19 Edition. In April, Sisense and Meidata surveyed 500 US-based data professionals and business executives across different industries and roles to understand how COVID-19 changed their outlook and the day-to-day work of BI and analytics professionals. Respondents reported an increased use in analytics across all business units.
An excerpt from the report’s introduction reads: “The adoption of data analytics is widespread across many industries. Our survey — which includes respondents from companies of many different sizes and across a diverse set of industries — offers a window into the broad business impact of COVID-19.”
Not surprisingly, the State of BI & Analytics 2020 reveled that companies are increasingly using data to improve their business processes and efficiency during the pandemic. As a result of COVID-19, 55 percent reported using data in new ways. 47 percent of those polled have begun using data to support customers, while another 45 percent say they’ve started to predict future outcomes. The research suggests small businesses are shifting their data use the most while enterprise organizations focus on cutting costs. 68 percent of small businesses reported using analytics in operations, 56 percent in finance, 50 percent in sales, and 45 percent in product.
More than half of those polled in the survey said that they feel their organization is properly resourced for the increased need for data-driven insights. An impressive 65 percent of US-based companies also plan to maintain or increase spend on data analytics technologies, compared with just 14 percent who said they would be cutting back. Companies from the retail, media, and government industries report having the most decisive plans to increase investment in data analytics software.
According to Sisense, the plan is to field future surveys and accompanying reports at least twice per year. Sisense will release in the coming weeks and months additional industry-specific results and more details on the use of business data and analytics specifically among small companies with less than 500 employees.
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