Key Takeaways
- 70% of businesses are struggling to get a single version of truth from their analytics platforms.
- A whopping 80% of businesses question the accuracy of their analytics insights, primarily due to manual data consolidation across clouds.
- There is a noticeable skills gap, with 62% of businesses having difficulty redeploying people with the necessary skills across all their analytics platforms.
When the Truth is Not the Whole Truth
A disconcerting truth has been brought to light in a recent report published by SAS: a startling 70% of businesses in the UK & Ireland are grappling with analytics confusion, leading to multiple versions of the ‘truth’ – an issue capable of sending shockwaves through any organisation.
Multiple Platforms, Multiple Truths
The study reveals that businesses are operating an average of four analytics platforms, a practice that is naturally breeding confusion and inconsistencies. Additionally, most organizations are spread across three private clouds, with 42% also depending on at least two public cloud providers for crucial services, including business applications, analytics, and hosting of business-critical data.
A staggering 71% of decision-makers report receiving different answers to the same query from their analytics platforms, a problem that can wreak havoc on decision-making processes.
Accuracy Under Scrutiny
Yet, another shocking finding was that 80% of the respondents are not fully confident about the accuracy of the insights their analytics are producing. A significant reason for this lack of confidence is the prevailing practice of manually consolidating data from across different cloud environments. This time-consuming and costly process opens the door to human error, thereby endangering the accuracy and reliability of insights.
A Skills Gap Crisis
The report also shines a light on a daunting skills gap in the industry. Around 62% of businesses are struggling to redeploy individuals with the right skills across all their analytics platforms. This alarming finding is not entirely surprising given a previous SAS report which found that 63% of businesses do not have access to people with the appropriate AI and analytics skills.
A Waiting Game
Notably, the lack of skilled personnel is slowing down the pace at which businesses are able to derive insights. 61% of decision-makers complain about the length of time it takes to extract insights and answers from their analytics platforms.
The Call for Consolidation
Paul Jones, Head of Technology at SAS UK & Ireland, highlights the critical need for businesses to demand a single version of truth from their analytics environment. He warns, “Taking insights from inaccurate or unreliable information is arguably worse than having no insights to support decision-making.”
Jones suggests a shift towards the consolidation of data around a single cloud-agnostic analytics platform, a solution that could potentially address both the accuracy and speed of insights. A single analytics platform is more cost-efficient, requires fewer skilled people, and crucially, provides a reliable and singular version of the truth that businesses can trust in their decision-making processes.
The Road Ahead
The revelations from this report underline a crucial issue that businesses need to confront – the lack of clarity and accuracy in their data insights. It is a problem that requires immediate attention, lest it should disrupt their decision-making processes, resulting in ill-informed strategies and plans.
As businesses continue to grapple with these challenges, it’s clear that we must reassess our approach to data analytics, taking steps towards a consolidated, streamlined, and more efficient process. It is only then that businesses can truly harness the power of accurate, reliable data insights, turning them into an actionable, single version of the truth.
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