Companies are prioritising investments that reduce time-to-value from data

An image of time-to-value, News, Companies are prioritising investments that reduce time-to-value from data

Independent research released today by KX shows that organisations across every major industry sector are prioritising time-to-value from their data, as firms look to operationalise continuous intelligence through real-time analytics.

The research report The Reality of Real-Time Data looks at the competitive advantages that can be gained by understanding and acting on insights derived from real-time data analytics more quickly. The research, which polled nearly 600 UK and US data professionals and IT decision makers, reveals a data landscape where digital transformation, the proliferation of edge devices and the shift to mobile working in a global pandemic has further accelerated the explosion of data that organisations not only have to manage, but must also exploit for operational and commercial gain. In fact, 90% of respondents indicate they need to increase investment in real-time data analytics solutions in the near term.

However, 66% of companies say culture is a blocker to reducing time to value from their data and almost half (49%) struggle with a lack of people and skills. Yet as the research shows, successfully aligning technologies, processes, skills and culture to implement an operating model of continuous intelligence through real-time analytics is clearly a key focus for many businesses.

“The findings validate what our customers and the market is telling us, that extracting more value from data, as close to its point of capture as possible, is becoming a critical business requirement,” says Kathy Schneider, CMO at KX. “The value of most data diminishes the moment it’s created, and as the research shows, unlocking and operationalising those critical insights in the moment is where priorities and investments are being focused.”

BIG AND FAST DATA

In 2020, nearly all businesses (97%) saw an increase in the volume and variety of data entering their organisation across a host of core business areas. Web traffic data has seen the most significant increase (56%) while data via eCommerce channels follows in a close second (51%). Driven in part by the rise of the Industrial Internet of Things, 46% reported a significant increase in sensor data, while volumes of customer data (45%), operations performance data (43%) and financial data (also 43%) all saw significant increases.

With 64% of organisations believing that it’s very important to be able to access real-time data in order to make smarter business decisions, the need to consider velocity alongside volume is critical. Moreover, while the research shows that businesses see real-time data as most valuable, they also value the combination of historic and real-time data when making business decisions.

CULTURE AND SKILLS ARE CRITICAL

The research shows that organisations with the tools already in place to capture insights in real-time have a competitive advantage. Those leading the pack when it comes to real-time analytics are more likely to already be using data to a large extent to make business decisions (62% versus 48%). They also recognise that being able to access real-time data to make smarter business decisions is very important (76% versus 64%).

Additionally, the research shows that the faster you can use this data, the more gains you can make.  However, with almost half (48%) stating their current tools only make them somewhat prepared and 44% not prepared at all to capitalise on this influx, investment in the right technologies and people is key.

REAL-TIME DATA LEADERS

The report also shows a clear disparity in how ‘fast’ organisations are thinking when it comes to data. Only 31% of businesses believe that in order to qualify as ‘real time’, data needs to be available within a second. These real-time data leaders are more likely to already be using data to a large extent when it comes to business decisions (62% vs 48%), more likely to feel well prepared with their current tools and resources to take advantage of real-time data (64% versus 52%) and more likely (57% vs 47%) to feel they need real-time intelligence to tackle competitive pressures. Telecoms (44%), manufacturing (25%) and retail (32%) are the industries best represented by the sub-second decision makers.

Interestingly, executive leaders and the C-suite were viewed as being less ‘data-led’ than nearly all other functions, with just 36% of respondents seeing them as data-driven. In contrast, 51% of respondents see Finance as being data-led, followed by 43% for Sales and Marketing and 38% for Operations functions. The findings strongly suggest that there is a significant opportunity for data-driven decision making to be adopted more widely by the executive suite as they realise the potential for this to improve business outcomes and competitive advantage. The higher rankings across the other functions suggest these groups are seeing the benefits, but this isn’t yet making its way to the C-suite. 

READ MORE:

To help organisations gain maximum advantage from real-time data analytics, earlier this year KX published its playbook called: The ‘Microsecond Mindset’, providing organisations with a 5-step approach to building a culture and capability around real-time data analytics and continuous intelligence. A series of podcasts are also available to accompany the report.

For more news from Top Business Tech, don’t forget to subscribe to our daily bulletin!

Follow us on LinkedIn and Twitter

Hacking Cyber Security’s battle for workers

Andrew Marsh • 30th September 2022

Cyber attacks are increasing exponentially, cyber professionals are quitting, and ultimately, no one is replacing them. Worldwide, the cyber workforce shortfall is approximately 3.5 million people. We have a mountain to climb. While there are rising numbers of people with security degrees and qualifications, this falls way short of industry demand.

Getac becomes British Touring Car Championship official technology partner

Chris Gibbs • 29th September 2022

In competitive motorsports, the smallest detail can be the difference between winning and losing. Getac is the official technology partner to the British Touring Car Championships (BTCC) helping it achieve its digital transformation goals, putting a wealth of information at the fingertips of both race officials and teams alike, and helping deliver incredibly exciting racing.

The Time is Now for Digital Transformation

Paul Waddilove • 29th September 2022

According to a McKinsey research report, 70% of enterprises that had taken on digital transformation reported in 2020 that their momentum had stalled. It is worth understanding the reasons–culture or scale for example–causing the slowdown as the payoffs from digital transformation can be impressive. It can lead to more efficient operations, with enterprises enjoying autonomy...

Addressing the environmental impact of the data centre

David Watkins • 29th September 2022

David Watkins, solutions director at VIRTUS Data Centres , share how you may have seen the recent news that Thames Water has launched a probe into the impact of data centres on water supplies in and around London, as it imposed a hosepipe ban on its 15 million customers in a drought-hit area. Ensuring that...

How Can Businesses Ensure Efficient Management of COSU Devices

Nadav Avni • 29th September 2022

Nadav Avni, Chief Marketing Officer at Radix Technologies, shares how when it comes to speeding up queues and providing instant information, nothing beats corporate-owned, single-use (COSU) devices. When put in kiosk mode, these devices become efficient digital assistants that collect and share information.

The Cloud – Debunking the Myth

Guy Parry Williams • 26th September 2022

Mid-sized businesses are head down, wrestling with constantly evolving operational challenges, from skills shortages to supply chain delays and raging inflation. Management teams lack the time and often confidence to explore technology innovation and, as a result, too many companies are missing vital opportunities to cut costs, boost efficiency and reach new customers.