1 Top Down Approach
A top-down approach to digital analytics, with senior executives fully committed to data-driven decision making, is crucial for ensuring that a culture of analytics is embedded within the organisation, and to guarantee sufficient investment. However, only 50% of respondents report executive sponsorship of digital measurement and analytics within their organisations, a negligible improvement since last year.
2 Analytics and Digital Transformation
Half of organisations surveyed regard digital analytics as ‘very important’ to their digital transformation programme (a jump from 43% in 2016), and a further 31% believe this capability is ‘somewhat important’. As companies strive to create a competitive advantage, analytics are vital for helping to optimise and personalise the customer experience.
3 No Written Analytics Strategy
The percentage of companies that have a measurement framework in place remains at 59%. Almost two-thirds (64%) of responding companies are lacking a documented data analytics strategy, up from 62% last year. For those that do have such a strategy, 18% say they have one with digital as part of this, and the same proportion say they have this for digital analytics only.
4 Team Work Makes, The Dream work
Fewer companies than last year report that they have separate digital analytics and non-digital analytics teams. This percentage now stands at 27%, but rises to 48% for businesses with annual revenues of more than £1bn, showing that many large companies – particularly – still need to break down data and analytics silos that separate digital and traditional business areas.
5 Data Science is important
The worlds of data science and digital analytics are converging as companies strive to extract valuable insights from a wealth of information relating to digital activity in the context of the wider business. While more than two-thirds (69%) of respondents say that data science will be ‘very important’ to future business success, less than a third (30%) say they have data scientists within their organisations.