Furthermore, that number is expected to grow even more over the next five years as the world economy recovers from the COVID-19 pandemic. Global spending on business analytics was projected to reach $215.7 billion in 2021, a 10% increase from 2020 according to the IDC. Future of Business Analyticsīig data and analytics will shape the business of the future in remarkable ways. Data suggest companies that use analytics to their advantage are twice as likely to rank in the top quarter for financial performance, five times more likely to make timely decisions and three times more likely to execute their decisions and plans. The increased use of analytics was even more pronounced among smaller companies.Helping organizations navigate through crises is just one of the many reasons why analytics is important to business. According to a survey by business intelligence company Sisense, 50% of companies reported using analytics “more often” or “much more often,” during the pandemic. By leveraging data, businesses can:īusiness analytics has helped many companies navigate tough times, especially regarding the COVID-19 pandemic. Why Analytics Is Importantīusiness analytics can help companies make better, more informed decisions and achieve a variety of goals.
There are four main types of business analytics companies can employ to better understand and grow their business. Today’s successful business leaders are also leveraging data analytics to gain a competitive edge. Master of Business Administration (MBA) and Master of Science in Analytics (MSA) degree programs are continuing to incorporate business analytics into their coursework. Bureau of Labor Statistics (BLS) projects that job opportunities for management analysts, which includes business analysts, are expected to grow by 14% over the next decade, adding nearly 100,000 jobs each year.
Using data to gain insights into “everything from internal business operations to the customer journey is top of mind” for many businesses.Ĭonsequently, job growth in this sector is expected to be robust. “As executives seek solutions to enable better, faster decisions, we’re seeing relatively healthy (big data and business analytics) spending across all industries,” said Jessica Goepfert, IDC’s vice president of customer insights and analysis.
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According to the International Data Corporation (IDC), the industries that are investing most heavily in big data and analytics are the banking, manufacturing and professional services sectors, accounting for a third of all spending in 2021. The importance of business analytics in driving growth has led companies across a variety of industries to invest in analytics. In recent years, the use of business analytics has become widespread as more and more companies recognize the benefits of leveraging their data.
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