To say 2020 hasn’t been the year we expected is putting it mildly. This year of mass disruption has not only interrupted the way businesses operate, recent research confirms it has also impacted technology planning - in particular attitudes towards new data technologies and planned investments.
The pandemic caught everyone by surprise and revealed just how unprepared most businesses are for disruption. The ability to adapt and respond is governed by data and the technology in place to manage it, and COVID-19 demonstrated how important it is for businesses to fast track the deployment of advanced data analytics capabilities in order to be better prepared - and take full advantage of the resultant acceleration of the digital agenda.
The stark reality is that organisations should be looking to bring forward planned future data spend by one to two years, starting immediately.
According to a Teradata study of more than 300 business decision makers across Australia and New Zealand, 82% of businesses admitted that in the wake of COVID-19 they realise the increasing importance data has on their decision making and can see the value of implementing data technological systems. It only takes some experience with even dated or legacy systems for its value to be realised.
41% have experience with more advanced systems, while a further 52% are still using dated/legacy systems or researching a move to more advanced, only leaving a small proportion (7%) who are not involved whatsoever. Take up of these advanced systems are more likely to be amongst larger businesses, and amongst industries such as Manufacturing, Finance and IT services.
A quarter acknowledge they’re investing too little into the field, and a third want to increase their investment over the next 12 months - and this is particularly true across the retail, healthcare and education sectors.
Cloud-based systems are the most commonly used amongst local businesses and the study also revealed that 65% of organisations have accelerated decisions to move data and key business functions into the cloud due to COVID-19. 92% of businesses who are not currently using advanced data analytics claim they will adopt some form of capabilities within the next 24 months.
Efficiency is a strong driver for the uptake of data analytics for larger organisations, while smaller businesses are looking for the ability to better engage with customers
Implementing new technologies isn’t always plain sailing at the best of times, and 91% of Australian businesses have difficulties adopting new technologies. COVID-19 has been a roadblock for 41% of Australian businesses, which have reduced their tech budgets, but other barriers include the lack of budget and infrastructure for implementation and a lack of much-needed talent.
With the year nearly behind us and the COVID-19 fallout likely to linger for many more months to come, business leaders across the region are bracing themselves and increasingly relying on data analytics as their weapon of choice in the midst of continued uncertainty.
News From
Teradata - Cloud Data and Analytics
