Data analytics most instrumental in enhancing CX and lowering risk for organisations, finds research
Infosys has published a global research on data analytics from the Infosys Knowledge Institute. The survey titled, ‘Endless possibilities with data: Navigate from now to your next’, reveals that a majority of organisations are deploying analytics to enhance customer experiences and mitigate risk. This research tries to understand how data analytics is becoming core to driving digital transformation for enterprises and makes an assessment of enterprise expectations in a world of endless possibilities with data. It also explores a range of challenges, opportunities, and the role of new technologies in the analytics world.
According to the research, 31 per cent of respondents identified the use of analytics with experience enhancement. This includes using intelligence generated by listening to internal and external stakeholders to drive extreme personalisation and high quality customer service; 28 per cent respondents were interested in leveraging analytics for risk mitigation – predicting risk to enable better decision making, and detecting anomalies that could disrupt business effectiveness; developing new business models by unearthing the latent needs of customers and offering innovative products and services was seen as the primary analytics requirement of 23 per cent of respondents.
Revenue and profit maximisation through increasing channel effectiveness and thereby enhancing profitability across processes, channels and stakeholder ecosystems was the analytics priority for the remaining 18 per cent. The majority of respondents in the US (32 per cent) and Europe (34 per cent) stated they would like to use analytics for experience enhancement whereas in ANZ about 31 per cent respondents consider it for risk mitigation.
Functions across organisation are benefiting from the possibilities of data. Finance and accounting was found to use analytics the most at 32 per cent, followed by marketing and operations at 20 per cent and 17 per cent respectively. In terms of emerging technologies, AI was perceived to deliver increased outcomes when combined with analytics at 37 per cent, followed by IoT and cloud technologies at 19 per cent and 16 per cent respectively.
The survey found that enterprises in every industry encountered several challenges that prevented them from implementing their analytics initiatives fully. The biggest challenges stemmed from a lack of expertise in integrating multiple datasets (44 per cent of respondents) and failure of understanding in deploying the right analysis techniques (43 per cent). This is where enterprises are looking up to their partners to help industrialise their analytics capabilities by creating an analytics strategy, build an operational framework, and define a process for executing and governing analytics initiatives.
Satish H C, EVP and Head – Data Analytics, Infosys, said, “In the world of endless possibilities that data provides, being data native is core for enterprises to being digital. As enterprises work with limitations of siloed systems, data integration issues, resources and skills, harnessing the possibilities with data will be essential to navigating their next. We believe that the findings of this survey will help our clients to fast-track their journey into a data-native enterprise by industrialising their analytics capabilities and ultimately monetise data.”
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