Key Takeaways
- 70% of businesses are struggling to get a single version of truth from their analytics platforms.
- A whopping 80% of businesses question the accuracy of their analytics insights, primarily due to manual data consolidation across clouds.
- There is a noticeable skills gap, with 62% of businesses having difficulty redeploying people with the necessary skills across all their analytics platforms.
When the Truth is Not the Whole Truth
A disconcerting truth has been brought to light in a recent report published by SAS: a startling 70% of businesses in the UK & Ireland are grappling with analytics confusion, leading to multiple versions of the ‘truth’ – an issue capable of sending shockwaves through any organisation.
Multiple Platforms, Multiple Truths
The study reveals that businesses are operating an average of four analytics platforms, a practice that is naturally breeding confusion and inconsistencies. Additionally, most organizations are spread across three private clouds, with 42% also depending on at least two public cloud providers for crucial services, including business applications, analytics, and hosting of business-critical data.
A staggering 71% of decision-makers report receiving different answers to the same query from their analytics platforms, a problem that can wreak havoc on decision-making processes.
Accuracy Under Scrutiny
Yet, another shocking finding was that 80% of the respondents are not fully confident about the accuracy of the insights their analytics are producing. A significant reason for this lack of confidence is the prevailing practice of manually consolidating data from across different cloud environments. This time-consuming and costly process opens the door to human error, thereby endangering the accuracy and reliability of insights.
A Skills Gap Crisis
The report also shines a light on a daunting skills gap in the industry. Around 62% of businesses are struggling to redeploy individuals with the right skills across all their analytics platforms. This alarming finding is not entirely surprising given a previous SAS report which found that 63% of businesses do not have access to people with the appropriate AI and analytics skills.
A Waiting Game
Notably, the lack of skilled personnel is slowing down the pace at which businesses are able to derive insights. 61% of decision-makers complain about the length of time it takes to extract insights and answers from their analytics platforms.
The Call for Consolidation
Paul Jones, Head of Technology at SAS UK & Ireland, highlights the critical need for businesses to demand a single version of truth from their analytics environment. He warns, “Taking insights from inaccurate or unreliable information is arguably worse than having no insights to support decision-making.”
Jones suggests a shift towards the consolidation of data around a single cloud-agnostic analytics platform, a solution that could potentially address both the accuracy and speed of insights. A single analytics platform is more cost-efficient, requires fewer skilled people, and crucially, provides a reliable and singular version of the truth that businesses can trust in their decision-making processes.
The Road Ahead
The revelations from this report underline a crucial issue that businesses need to confront – the lack of clarity and accuracy in their data insights. It is a problem that requires immediate attention, lest it should disrupt their decision-making processes, resulting in ill-informed strategies and plans.
As businesses continue to grapple with these challenges, it’s clear that we must reassess our approach to data analytics, taking steps towards a consolidated, streamlined, and more efficient process. It is only then that businesses can truly harness the power of accurate, reliable data insights, turning them into an actionable, single version of the truth.
Sign up to our newsletter & get the most important monthly insights from around the world.
Ready to Amplify Your Brand with Business Today?
Discover the power of sponsored articles and partnerships to reach decision-makers, professionals, and a dynamic audience. Learn more about our advertising opportunities and connect with us today!
Click here to explore our Promotion & Sponsored Articles page.
Are you looking to make an impact? Contact us at [email protected] to get started!
