New York, NY – Two thirds of business owners and business decision makers in the US and Europe say that data analytics are important for their business now and in the future, according to a new poll of over 1,500 executives conducted by Ipsos Public Affairs on behalf of BSA | The Software Alliance.
Thinking about the importance of data analytics – for purposes such as designing new products, providing better services, marketing more effectively, or increasing efficiency in other areas of their business – two thirds of executives surveyed (67%) – including 69% in the US and 65% in Europe – say that these analytics are extremely/somewhat important to their business, with similar proportions reporting that they will be important three years from now (70% overall; 71% in the US and 69% in Europe) and five years from now (69% overall; 71% in the US and 66% in Europe).
Six in ten from from smaller businesses (under 50 employees: 60%) see the importance of data analytics today, while those in medium (50-500 employees: 83%) and large (over 500 employees: 90%) businesses are even more more likely to have this view. A similar trend emerges when it comes to the use of data analytics in the future.
When it comes to the areas in which data analytics are seen as having the most impact, BDMs point to better serving customer needs (80% extremely/somewhat important overall; 79% in the US; 80% in Europe), followed by increasing sales and revenue (76% important overall; 76% in the US; 75% in Europe). Nearly as many feel that data analytics will be important for their company’s future plans when it comes to creating new products or services (71% important overall; 70% in the US; 72% in Europe), finding opportunities to expand into new markets (71% important overall; 72% in the US; 69% in Europe), and adding jobs or hiring more employees (60% important overall; 61% in the US; 58% in Europe).
Many also see data analytics as contributing to their company’s growth, with three in ten business decision makers (29% overall, 33% in the US and 24% in Europe) saying that they expect more than 10% growth this year. Even more expect upwards of 10% growth due to data analytics three years from now (45% overall, 53% in the US and 37% in Europe) and five years from now (51% overall, 58% in the US and 43% in Europe).
Again, those from medium and large companies – who see data analytics as being more important to their business – are much more likely to expect data analytics to generate growth, both now and in the future. While those from smaller companies are less likely to expect growth this year (22%), that proportion doubles when looking ahead five years (45%), indicating that they see real potential moving forward.
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These are some of the findings of an Ipsos poll conducted October 6-30, 2014. For the survey, a sample of 1,565 business owners and business decision makers across 11 countries was interviewed online. This included roughly 483 interviews in the US, and 1,082 in Europe (Belgium, France, Germany, Great Britain, Hungary, Italy, Poland, Romania, Sweden and Spain). Weighting was employed to provide a 50/50 balance between the US and Europe for an “overall” business decision maker view. A survey with an unweighted probability sample of 1,565 business owners and business decision makers and a 100% response rate would have an estimated margin of error of +/- 2.5 percentage points, 19 times out of 20 of what the results would have been had the entire population of business owners and business decision makers in the participating countries been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
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