▲According to the '2020 Global Enterprise Analytics State of the World' published by MicroStrategy Korea, 94% of organizations believe that data and analytics are important for digital transformation and business growth, but 97% of real-time decisions made by companies are not based on data. <Photo=MSTR>

MicroStrategy Korea (MSTR), an enterprise analytics and mobile software company, announced the '2020 Global State of Enterprise Analytics' report, commissioned by market research firm Hall & Partners, on the 9th.

According to the report, despite 94% of organizations believing that data and analytics are critical to digital transformation and business growth, most organizations are not building a data-driven culture.

Frontline workers are less data-savvy than executives and management, and have significantly less access to data and analytics. The gap between data empowerment and data deprivation is most pronounced in the financial services industry, where only 11% of frontline employees have access to analytics reports.

60% of employees said it took them hours or days to get the information they needed, while only 3% could find it in seconds.

When employees who aren't analytically adept need to make data-driven decisions, 79% have to ask IT or business analysts for help, and only 7% have access to self-service tools.

Investment in analytics initiatives, including talent and technology analytics, is on the rise, with 75% of large enterprises and 59% of small and midsize enterprises (with 1,000 or fewer employees) saying they will invest more in talent, while 79% of large enterprises and 60% of small and midsize enterprises saying they will invest more in technology.

“We were surprised by how much of the workforce still has a rudimentary approach to data-driven decision-making,” said Marge Breya, senior vice president and chief marketing officer at MicroStrategy. “With self-service analytics adoption at around 30%, companies need to empower their entire workforce to gain timely insights.”

He added, “With 65% of organizations planning to increase their analytics investments in the next year, we encourage companies to focus their investments on building an insights-first culture that rewards data-driven decision-making and continuous innovation—the essential foundation of an Intelligent Enterprise™.”

Meanwhile, respondents who said they were leveraging data and analytics reported benefits such as increased efficiency and productivity, faster and more effective decision-making, and better financial performance. The retail and healthcare industries are leading the way by using analytics to develop new products and understand revenue streams.

Meanwhile, this survey was conducted on 500 business intelligence and analytics professionals from Brazil, Germany, Japan, the UK, and the US across 10 industry sectors (financial services, government, healthcare, hotels, manufacturing, retail, software technology, professional services, telecommunications, and others) with annual sales of over $100 million in the second quarter of 2019.