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The proportion of organisations planning to increase their analytics budgets for technology has almost doubled in the last 12 months, from 35% in 2013 to 61% this year, according to research published today by Econsultancy in partnership with analytics consultancy Lynchpin.
The Measurement and Analytics Report, based on a survey of more than 1,000 digital business professionals, provides a snapshot of the digital analytics sector and outlines the challenges and opportunities organisations are facing.
The proportion of organisations planning to increase budgets for consultancy and services has jumped from 27% to 44%, while for internal staff there has been an increase from 36% to 46%.
The research also looks at how companies are using measurement and analytics to boost revenue and profit growth, while also looking at the types of technology and data which are used to meet these ends.
Amid the wealth of data-related tools and technology now available, digital analytics is overwhelmingly seen by both client-side and supply-side respondents as the most efficient tool in the context of ‘helping to achieve business goals’.
For two in five organisations (40%), analytics ‘definitely’ drive actionable recommendations which make a difference.
The commitment to resourcing and skills to maximise the value of these tools is also emphasised. According to client-side respondents, the optimal balance of technology, people and processes ‘to achieve digital nirvana’ is 34%, 40% and 26% respectively.
However, companies report that the ability to use analytics technology represents the most significant analytics-related skills gap. ‘Using digital analytics tools’ was selected by almost half (47%) as a top-three area of skills deficiency, with 20% seeing it as their biggest gap.
Lynchpin Managing Director, Andrew Hood, said: “There are definitely some positive trends emerging in terms of increasing investment and increasing success in making practical usage of data for decisioning.
However, as we saw when web analytics tools first hit the market, the skills and resource gaps are getting more accentuated and there is a potentially dangerous expectation that technology investment will in itself drive success.”
Econsultancy Research Director, Linus Gregoriadis, said: “It is clear from this report that effective measurement and analytics are more central to business success than ever. An increasingly wide range of tools and types of data are now being used to improve business performance.”
He added: “A growing challenge for organisations is to stitch together data from the online and offline worlds. This involves combining data from different tools and technologies which can often be problematic.”
Other findings from the report include:
-) Around three-quarters of client-side respondents (76%) agree that ‘big data uncovers optimisation opportunities not possible with traditional approaches’. This compares to 57% who agree that ‘big data is a relatively open term for a lot of data’. Only 23% agree that ‘big data is a threat to consumer privacy’.
-) More than half of companies are using free tools for tag management (55%), mobile analytics (54%) and web analytics (54%). Campaign automation (75%) is most likely to be exclusively paid-for software.
-) More than a quarter of client-side respondents say they have more than five employees dedicated to data analysis, a 14 percentage-point increase compared to the 2013 survey.
Get this report:
The full report is available on the Econsultancy website here:
The report is available to Econsultancy subscribers, or on a pay-per-view basis.
For more information about this report, contact:
Linus Gregoriadis, Research Director, Econsultancy
linus.gregoriadis AT econsultancy.com
+44 (0) 207 269 1450
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Lynchpin is an independent analytics consultancy founded in 2005 with offices in Edinburgh and London.
We help our clients to unlock the power of digital and customer data by taking an integrated approach.
Our services include strategic consultancy, vendor selection and deployment support, reporting, data integration, data analysis, data modelling and training.
While remaining staunchly vendor-neutral, we have deep expertise in free and paid digital analytics tools, databases, visualisation and statistical approaches.
Lynchpin works with Experian, Canon, HSBC, Cartoon Network, Tesco Bank, Dyson, New Scientist and the Government Digital Service amongst others.
Please visit our website www.lynchpin.com to find out more, or contact us on 0845 838 1136.
Published on: 12:00PM on 19th June 2014