New York, USA – About 92% of product decision makers have agreed that utilizing data and analytics is critical to the success of one’s business, the latest data from AI-driven analytics platform Sisense and market research and analytics company The Harris Poll shows.
According to the data, around 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. In addition, around 96% say that an increase in average selling prices would be possible with personalised and customised analytics, with 46% noting they could charge about 10% to 19% more for their products and services because of the analytics they provide.
Other insights in relation to analytics’ impact on business success include around 97% think their customers are interested in analytics provided in the context of the task the user is completing, and 97% note that customers want analytics more personalised to the specific end user.
Looking to the future, 81% of product decision makers say that if they could provide their customers with personalised 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.
While the aforementioned numbers speak about the optimism respondents see about analytics, around 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.
In addition, 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.
Ashley Kramer, chief product and marketing officer at Sisense, said that the results showed what they expected to hear from customers about analytics for 2022.
“Firstly, we expect organizations will redefine what it means to build a ‘culture of analytics’ by bringing insights to workers in a more digestible way, such as embedding them into regular processes so no new skills are required. Secondly, most data-driven organizations will combat tool fatigue by bringing data to workers where they are, directly within their workflows,” Kramer said.
She added, “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.”
