Just recently Forbes published an article summarizing a fascinating article summarizing the results of a recent study on business and analytics they co-sponsored with Dun and Bradstreet. They surveyed 300 executives in North America, the U.K. and Ireland across a range of industries.
A key focus of the survey was how companies deployed analytics, the challenges they face internally, and how and why they leverage 3rd party partners and outsourcing. It's helps provide a lot of insights about best practices around big data and predictive analytics.
One of the key general findings: "Bringing in outside partners with analytics as a core competency enables organizations to scale up and scale down while adding critical capabilities."
Some of the specific findings I found particularly interesting and relevant included the following:
- 27% cited skills gaps as a major obstacle to their current data and analytic efforts
- 55% of those companies report working with 3rd-party partners to address the lack of skills
- 40% of companies surveyed are still using basic technology like dashboards and spreadsheets for analysis and reporting. As Forbes notes "much of the analytics work being done today remains fairly basic."
- Predictive models that integrate internal and external data have been implemented by only 17% of respondents.
- 39% do part of the analytics in-house but also seek help from outside vendors
- 16% outsource of of their analytics initiatives
- Key reasons for using 3rd parties
- Internal staff doesn't have the bandwidth - 60%
- Lever of 3rd party work superior - 55%
- To fill skills gap - 53%
- More cost-effective to outsource than fund internally - 45%