ibi Survey Reveals Acceleration of Data and Analytics Initiatives in 2021
Feb. 8, 2021 — Information Builders, Inc. (ibi), a TIBCO company providing end-to-end data and analytics software, today announced results from a study exploring how organizations plan to use data strategically in 2021. The Data and Analytics Trends and Directions 2021 survey uncovered that the COVID-19 pandemic will not hold back data priorities this year, but rather add to their urgency and drive additional investment.
44 percent of respondents plan to increase spending on data in 2021 and 38 percent will spend about the same as they did in 2020, totaling 82 percent investing as much or more in 2021.
“Virtually all our customers are focused on data-driven digital transformation, and moving data to the cloud is a key part of that process,” said Dennis McLaughlin, vice president, product management, ibi, a TIBCO company. “Our survey confirms that cloud migration – already a top priority for organizations – is gaining momentum. We believe this reflects the need to deliver on the data needs of employees working from anywhere.”
Key Obstacle to 2021 Data Initiatives: Data Quality, Security, and Training
A key finding from the survey revolves around what keeps management up at night. Tied for first place, 72 percent of respondents feel quality and security are the top data issues vexing executives. 41 percent noted that the lack of a “single version of the truth” in their data is one of the key barriers to successfully deploying data in their organizations. Despite these concerns, respondents identified training as another top concern, with only 14 percent of respondents indicating that their organizations maintain a strong training program around data and analytics.
Other findings of the study include the following:
- Cloud migration is gaining momentum: 50 percent of respondents are using on-premises storage today, and that number will drop to 10 percent over the next three years, with use of cloud for data storage increasing to 83 percent (seven percent don’t know).
- Data is still key to digital transformation: 94 percent say data is very or somewhat important to digital transformation; 19 percent noted that the health crisis will further drive data as a priority in how new technologies will change services or their business.
- Data and analytics continues to be top of mind: 70 percent say executives and senior managers are very aware of the potential business advantages of data and analytics; 65 percent say their organizations are using data and analytics to drive performance improvements; 61 percent are driving business strategy with data and analytics; and 53 percent are leveraging data and analytics to improve the customer experience.
- Data cultures are starting to take root: 53 percent say their organizations are committed to providing access to data where it’s needed – a key practice for ensuring data democratization, including helping leadership and business users acquire data skills.
- Most data priorities will not be significantly impacted by COVID-19: Respondents say that key business initiatives, such as compliance (seven percent), cloud (14 percent), and digital transformation (19 percent) will be little changed by the pandemic, but 48 percent indicate that the continuing health crisis will influence support requirements for staff working from home.
“Our COVID-19 Impact on IT Spending survey also showed that spending on data and analytics remains strong,” said Chandana Gopal, research director, business analytics, IDC. “In highly data-driven organizations, there is greater trust in results from analytics, influencing better decisions based on insights.”
For more information on the survey results, click here.
ibi polled 150 data and analytics leaders across 12 industries, asking 20 questions about how their organizations are managing data, using data strategically, and providing analytics tools to business users today. Questions also included asking what their requirements will be in the coming year.
ibi, a TIBCO company, embeds data and analytics intelligence into everything ― unlocking the potential of real-time data for making faster, smarter decisions. By preparing organizations for the future and turning them into builders ― information builders ― everyone can use enterprise-trusted data at scale to drive their growth. Whether our customers use pre-built applications or build their own solutions for their data and analytics challenges, ibi powers their innovation and reinvention. ibi’s open platform and industry-specific building blocks accelerate time-to-market, improve operational efficiency, and enhance their customers’ experience.