Data Intensity and Researchscape International released the results of a survey on June 29, showing that 63 percent of B2B companies are frustrated with the time it takes to receive insight from data analytics. Specifically, a majority of companies find it challenging to attain the statistical reports they need to make more informed business decisions.
In addition to facing time constraints, 33 percent of respondents said that their data is not accurate, making it too difficult to make business decisions and execute predictive forecasting.
About 29 percent say they cannot access existing data, and 13 percent claim that their IT department does not provide adequate support for data users.
“These study findings underscore the market need for data analysis-as-a-service, and not a plug-and-play tool, but a custom analytics solution in the cloud that will truly give them the ability to capitalize on their data,” said John Bostick, president of Data Intensity’s Analytics Division.
Despite the challenges, 70 percent of respondents said that cloud-based analytics software and service was “very” or “completely” relevant to their business, as well as “very” or “extremely” beneficial.
ROI from Data Investments
A study published by Infogroup Media Solutions in March 2015 found that 62 percent of marketers are currently investing in data marketing, which involves using customer data and outside data trends. More than half of these marketers expect to see a positive ROI from their investment for the first time this year.
At the time of this study, approximately 47 percent of marketers were already seeing a positive ROI from their data investments. This was an increase from the 39 percent who had the same response in 2014.