IAPA: Australian organisations struggle to capitalise on data and analytics capabilities

Latest annual research shows nearly half of respondents believe a lack of executive-level understanding around data utilisation is hindering their ability to be innovative

Australian businesses are underutilising existing data and analytics capabilities to drive strategic and competitive advantage as executives struggle to come to grips with the new realities of data-driven decision making.

A new report produced by the Institute of Analytics Professionals Australia (IAPA) found 40 per cent of respondents see analytics as either enabling or being a critical part of their business’ differentiation. Yet 37 per cent felt their company was either ‘not really’ or ‘not at all’ getting the benefits from their existing range of data and analytics skillsets.

According to the annual report, Australian businesses pay analytics professionals a median salary of $130,000 per year, up 4 per cent year-on-year and 175 per cent higher than the median full-time salary in Australia. They’re also paying up to $200,000 on average for those with big data and cloud analytics skills.

For the first time this year, respondents were asked to comment on the level of disruption in their organisations and to what extent analytics was contributing to competitive differentiation. Just over half of respondents felt their industry was either ‘quite’ or ‘substantially’ impacted by disruption from competitors, suppliers or customer expectations, and 81 per cent believed analytics was either contributing, enabling or is a critical part of an organisation’s ability to enable innovation.

However, 47 per cent cited executive-level understanding of data and analytics as a key barrier to converting data-driven insights into action and thereby achieve innovation within the organisation.

Other highly ranked challenges included developing skillsets into new areas (46 per cent), timely access to high-quality data (39 per cent), convincing the organisation of the value of analytics (38 per cent) and getting the organisation to act on insight (38 per cent).

Among the most sought-after skills over the next 12 months are big data analytics (55 per cent), business leadership and management skills (48 per cent). The most in-demand soft skills in analytics are around presentation and communications.

“IAPA would encourage business leaders to ensure that they are aligning their analytics capabilities and strategies to better drive business growth and innovation,” said the association’s chairman, Antony Ugoni.

“Actionable data insights have the power to transform productivity and drive competitive advantage which is critical for future success in today’s globalised economy.”

In addition, the report showed Australian businesses to be rapidly adopting cloud and big data capabilities, with a 300 per cent year-on-year increase in those using Hadoop-related technologies. The report also found a 50 per cent leap in use of agile and accessible visualisation tools, such as Tableau, SAS Visual Analytics and QlikView, over the past year.

The IAPA research is based on a survey of 449 analytics professionals in Australia. Respondents were classified into four groups: BI and visualisation focused (49 per cent), traditional analysts (23 per cent), data science professionals (22 per cent) and analytical integrators (6 per cent).

More insights on how Australian organisations are tapping data and analytics:

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+: google.com/+CmoAu

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Latest Videos

Launch marketing council Episode 5: Retailer and supplier

In our fifth and final episode, we delve into the relationship between retailer and supplier and how it drives and influences launch marketing strategies and success. To do that, we’re joined by Campbell Davies, group general manager of Associated Retailers Limited, and Kristin Viccars, marketing director A/NZ, Apex Tool Group. Also featured are Five by Five Global managing director, Matt Lawton, and CMO’s Nadia Cameron.

More Videos

The best part: optimizing your site for SEO enables you to generate high traffic, and hence free B2B lead generation. This is done throug...

Sergiu Alexei

The top 6 content challenges facing B2B firms

Read more

Nowadays, when everything is being done online, it is good to know that someone is trying to make an improvement. As a company, you are o...

Marcus

10 lessons Telstra has learnt through its T22 transformation

Read more

Check out tiny twig for comfy and soft organic baby clothes.

Morgan mendoza

Binge and The Iconic launch Inactivewear clothing line

Read more

NetSuite started out as a cloud-based provider of Enterprise Resource Planning software or as NetSuite solution provider, which companies...

talalyousaf

NetSuite to acquire Bronto's digital marketing platform for US$200m

Read more

Thanks for sharing this post, its really good information I get through this blog.CDPO Online Exam Training

Infosectrain01

3 ways Booking.com is improving its B2B marketing game

Read more

Blog Posts

Getting privacy right in a first-party data world

With continued advances in marketing technology, data privacy continues to play catchup in terms of regulation, safety and use. The laws that do exist are open to interpretation and potential misuse and that has led to consumer mistrust and increasing calls for a stronger regulatory framework to protect personal information.

Furqan Wasif

Head of biddable media, Tug

​Beyond greenwashing: Why brands need to get their house in order first

Environmental, Social and (Corporate) Governance is a hot topic for brands right now. But before you start thinking about doing good, Craig Flanders says you best sort out the basics.

Craig Flanders

CEO, Spinach

​The value of collaboration: how to keep it together

Through the ages, from the fields to the factories to the office towers and now to our kitchen tables, collaboration has played a pivotal role in how we live and work. Together. We find partners, live as families, socialise in groups and work as teams. Ultimately, we rely on these collaborative structures to survive and thrive.

Rich Curtis

CEO, FutureBrand A/NZ

Sign in