Companies that aren't using advanced analytics to assess their business, competition and markets may struggle to survive in the 21st century, warns a new report from Frost & Sullivan.
The report notes that to stay competitive, companies require tools and processes that enable them to create new ideas and put them into practice quickly.
The "Business Analytics: Key to Business Survival in the 21st Century" report reveals that although the availability of big data sets offer unprecedented opportunities, most businesses are ill-equipped to utilize the information available and attempt to perform complex analysis using spreadsheets and other rudimentary tools.
"With the quickening pace of business today, companies that don't use Big Data and advanced analytics to assess their markets and competition and to better understand their own businesses are doomed," says Jeff Cotrupe, Global Program Director, Information & Communication Technologies with Stratecast | Frost & Sullivan.
Companies that are the most skilled at making use of analytics will be the best equipped to succeed.
Finance chiefs are increasingly recognizing the important role analytics plays – and demanding more out of current analytics tools.
A May 2013 survey of 358 finance executives by KPMG found that the No. 1 priority for CFOs in the next two years is improving business planning and forecasting. There’s more – the survey further revealed that over 70% of finance executives ranked financial planning & analysis as the top area for improvement.