The report, by Infosys, surveyed over a thousand businesses with revenues of more than $1 billion, and found that two-fifths (40%) of senior leaders specifically identified a lack of required analytics skills within their organisation.
Nearly half (44%) said that their business struggles to integrate multiple data sets from a variety of sources, and 43% said their teams lacked understanding in deploying the right analytics techniques.
This, the report claims, is preventing many businesses from harnessing the advantages of analytics. Out of those which have successfully done so, 69% said analytics helped enhance processes, 66% insisted it helped improve the customer experience, 63% said it helped with diversifying products, and 60% pointed out that it helped with developing new business models.
All of this is stopping businesses from using the right analytics tools and services to get the most from data, highlighting a need for proper training and hiring processes.
Infosys executive vice-president and head of data analytics Satish HC said: "Unless there is a threshold level of expertise, it is easy to miss fundamental issues. Organisations that hop from one option to another in search of the right solution, based on superficial knowledge, will probably never find it—and could end up paying a heavy price.
"Identifying the right analysis techniques was the most important way of overcoming challenges for telecom industry respondents, while investing in cloud computing and centralising organisation wide data was more important to the healthcare and life science verticals than any other."