Data analysis is key to achieving digital transformation

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According to the consultancy firm IDC, in Western Europe, banking and manufacturing (automobiles, household and industrial equipment, computers, pharmaceuticals, food and beverages, etc.) will be the sectors that will invest the most in Big Data and Business Analytics, so that, in 2020, they will represent more than a third of the total expenditure on this type of solutions. In Spain, the use of Business Intelligence (BI) technology and data analysis is the priority in terms of technological investment in 1 in 4 companies. This is one of the main conclusions of the Enterprise Data Driven study, prepared by Qlik and IDC based on surveys carried out among more than 200 companies with activity in that country.

“Customers have become more demanding, and they demand immediacy. Modern BI solutions can help companies make available to users the information they need, at the right time, to make the decisions necessary to achieve their business objectives, whether they are related to operational improvement, improving the offer, or improving the customer experience,” said Laura Castillo, Research Analyst at IDC.

What are the priorities of companies?
According to the study, in terms of investment in new technologies, companies' priorities for the next 12 months are:

Mobility solutions: 27%
BI and analytics solutions: 23%
Cloud initiatives: 21%
Internet of Things: 14%
The information gathered shows that one of the priority slovenia number data challenges for companies is to transform data into business value by adopting analytics solutions. In this regard, Gustavo Loewe, Country Manager of Qlik in Spain and Portugal, believes that “the volume of data that companies have to manage is increasing, while expert analytical profiles are scarce. 'Data literacy' is, without a doubt, the solution to this equation that is so difficult to square: companies must facilitate access to information, without limiting it to the most technical profiles.”

What are the main barriers to analyzing business data?
The main challenge that companies face is:

Ability to analyze and interpret data: 38%
Being able to identify data relevant to business strategy: 32%
Internal security concerns: 30%
Added to this is:

Lack of a team fully dedicated to data analysis: 78%
Lack of technical profiles, such as data management specialists: 24%
Lack of technical profiles in Big Data, BI and data quality: 21%
Lack of data visualization specialists: 18%
“It is not just about the growing volume of data. Much of the information that companies manage is duplicated, obsolete or they simply do not know it exists. The use of solutions that facilitate the management of information and free up the IT department to dedicate itself to other functions closer to innovation and the generation of new business opportunities are of great help to companies,” adds Laura Castillo.

Among the objectives that companies pursue when managing and analyzing data, the following stand out:

Improvement of services and products: 58%
Business or IT process optimization: 47%
Improved customer acquisition and loyalty: 42%
Adopting modern BI tools: the key to addressing data-related business challenges
Data has become a key asset. It is estimated that by 2020, 65% of large organizations will be information-based companies and that there will be 30 billion connected devices in the world providing information. This is why it will be increasingly complex to manage information to extract value. This is where modern BI tools and, above all, data analytics and visualization solutions are of key importance in the operation of companies, reducing the time needed for decision-making and speeding up the production process.

According to the study, 63% of Spanish companies value having modern BI tools, however only 21.2% of them use them. For Loewe, “Not having adopted modern BI tools is one of the main factors that hinders optimal management of business data. However, the fact that more than half of companies are considering adopting them is a clear indication of improvement.”