UK businesses have woken up to the fact that data is critical for driving their company forward, with analytics key to delivering better customer experiences, but have not lost sight of the need to embrace a human touch to bring the vision of a data-driven culture to fruition.
According to the Data & Digitisation Report from Alteryx, UK businesses cited data analytics as the catalyst behind their ability to understand their end customer better, with nearly two thirds (71%) using insights to offer more personalised offers.
Through their use of analytics, almost half (46%) ranked increased productivity as one of the three major business benefits of data insights.
Over half (60%) agreed that using data analytics has helped break down internal silos, with the ability to make savings and efficiencies for their department or organisation (36%) being another key benefit.
However, the human-factor remains critical. Companies are focusing on putting humans at the centre of intelligence-driven decision-making and looking to empower team members to think about how to better perform with data.
Even so, a shortage of talent was the most notable challenge that UK organisations face in becoming more data-driven.
This was even more pronounced in smaller companies, which see the talent gap as their primary challenge to face when becoming a data-driven organisation.
With this in mind, organisations of all sizes are working to acquire talent to support a variety of initiatives for data and analytics success, including code-free/code-friendly analytics to deep learning/machine learning, and explainable AI, all while developing a robust culture of data and analytics.
Alteryx chief data and analytics officer at Alan Jacobson said: “The business case for analytics has truly been acknowledged. While many are still balancing data inefficiencies with the challenge of a shortage of skilled data workers, this research underscores that investing in data and analytics technology alone won’t deliver real business-altering results.
"In order to digitally transform an organisation, a smart approach to delivering the right culture that can embrace the change is equally if not more important in achieving success.”