ANZ BI Report: Data Analytics Critical to Business Decision-Making During and Beyond COVID-19 in the Region
Report Reveals 55% of ANZ Companies Use Analytics More or Much More Than Prior to the Pandemic
Sisense, the world’s leading analytics platform for builders, announced the results from its ANZ State of BI & Analytics Report 2020: Special COVID-19 Edition, a survey of over 460 companies in the region. The survey found 67% of respondents said BI and analytics programs are more important or much more important to their daily operations now, and 55% of companies are using data sources, analytics, and dashboards more often or much more often than before COVID-19.
Key findings from the report indicate:
● Pressing challenges exist, but businesses in ANZ remain optimistic: While respondents acknowledged pandemic related challenges — such as workforce issues and new ways of working (30%) and adapting to shifts in the economy, market, driving revenue, and managing cash flow (12%) — many businesses remain optimistic. In fact, 30% of organisations are looking to scale and grow, with only 22% cutting back over the next six months. Additionally, 33% said the post COVID-19 global situation will create new growth opportunities.
● Marketing is leading the charge: More than 50% of organisations reported the marketing department is currently performing analytics or employing BI solutions, followed by operations (40%), finance (33%), and HR (31%). Forty percent of respondents also pointed to marketing as the department to be adding BI and analytics solutions as a result of COVID-19.
● Organisations in ANZ value BI and data analytics more than ever: 77% will either maintain or increase spend on BI/data analytics initiatives in the near future, including software, tools, time, and team members.
● Transformation to the cloud is top of mind: 79% of respondents confirmed they are either very likely or somewhat likely to replatform and migrate to the cloud as a result of COVID-19.
● Use cases for data are critical for maintaining business continuity: Nearly all organisations (99.5%) are developing new use cases for data to maintain business continuity. Forty seven percent are using data to improve efficiency, 40% to identify new revenue streams, 29% to optimise supply chains, and 29% to reduce expenses.
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Sisense’s Vice-President of APAC, Eyal Mekler, says the survey shows data professionals within the ANZ region are optimistic about business stability, and have a strong appetite to innovate, despite the challenges the pandemic has presented to the ANZ region.
“At a time of great business and economic uncertainty, organisations across Australia and New Zealand no doubt face many challenges, from adapting to new ways of working, managing cash flow, to driving new revenue streams,” Mekler says. “Today’s rapidly changing environment requires them to be more agile than ever. In order to make quick decisions, they need insights at their fingertips and only Sisense is able to infuse intelligence everywhere so that the right person gets the right insights where they need them.”
“Sisense, coupled with an appetite to innovate, is what will be key to keeping businesses strong in the region. We’re excited to help support businesses in ANZ with the right data analytics solutions and systems to give them the strength, agility, and visibility they need to navigate successfully ahead.”