CIOs are failing to properly take advantage of the benefits offered by big data and analytics, a new survey has found, with a lack of support from senior management and confusion amongst IT departments among the main culprits.
A new report from industry analysts IDC and software provider SAS, entitled 'The CIO's Chance of a Lifetime', found that whilst 95% of over 500 IT managers and executives saw benefits from analytics, only 31% could actually measure that value.
This disparity is not being helped by what the report found to be a major disconnect between IT and analytics, with the former often being seen as a roadblock to helping a business effectively use analytics.
38% of organisations said the majority of their analytics staff resided in a centralised analytics group outside IT, with 21% saying that group primarily determines analytics strategy. However, this confidence was not shared by IT departments, which were often confused about the source of both strategy and funding.
This often led to groups creating work-around solutions, meaning a proper strategy for utilising analytics is not created.
Unsurprisingly, this approach often fails to achieve a single customer view or an accurate assessment of where a business is and where it needs to go, says Tony Hamilton, global marketing consultant at SAS.
"When IT and business align, wonderful insights emerge," he added. "And when you distribute and scale those insights in the right context to the right recipients, new business opportunities arise. The CIO has a fantastic opportunity to lead both the business and technical conversations, allocating proper resources and establishing an enterprise-wide approach to gathering data, integrating it and ensuring its integrity."
"Analytics gives the CIO the power to make IT a true enabler to business," said Alys Woodward, Research Director at IDC, "By providing the framework to access and analyse data that will truly underpin a range of business decisions, from operational decisions to strategic decisions, the CIO has the power to provide unprecedented value to the business.
"While the path from information to insight is often strewn with wrong turnings or, hopefully small, failures, improving decision-making can only benefit the organisation. Analytics is challenging, but worth the effort."