The new research will ascertain the state of and demand for predictive analytics products and their uses across roles and departments. It will investigate the involvement of each line of business in requesting, producing and consuming predictive analytics; in evaluating and recommending tools; and in their purchase and deployment. It will examine cross-functional initiatives such as centers of excellence and competency centers, and it will identify the outcome variables that are used to build the business case for predictive analytics.
Ventana Research defines business analytics as the application of mathematical computation and models to generate historical and forward-looking insights that can be used to optimize business and IT processes and decisions. Predictive analytics improves the organization's ability to understand potential future outcomes of variables that matter; its results enable it to decide courses of action in key areas of the business. Predictive analytics can enhance the people, process, information and technology components of an organization's future performance.
Our recent research consistently shows that business analytics is the most significant technology trend in business today and that acquiring effective predictive analytics is a top priority. In our benchmark research on big data analytics, for example, organizations ranked predictive analytics as the most important analytics category for working with big data. Yet a majority indicated that they do not have enough experience in applying analytics to business problems and lack training on the tools themselves.
In 2012 our benchmark research on predictive analytics found that more than half (58%) of participants viewed predictive analytics as very important to their organization, but only one in five said they are very satisfied with those analytics. This new benchmark research will determine changes in attitudes toward it as well as its current and planned use and importance in business.
"The promise of predictive analytics is significant," said Tony Cosentino, VP and research director. "Our previous research found that implementing it would have a transformational impact in one-third of organizations and a significant positive impact in more than half. This next-generation predictive analytics research will examine how organizations view this type of analytics today and what benefits they are achieving today and plan to in the future."
This benchmark research will examine the application of predictive analytics to big data and the use of collaborative tools to make predictive analytics easier to use. It also will assess the relevance of cloud computing to predictive analytics in both using the software and accessing data. This research will focus on understanding the current and evolving reasons for adopting advanced analytics and the challenges associated with deploying them. It will gauge across lines of business and industries the importance of various elements of advanced analytics, including statistics, forecasting, data mining, simulation and optimization. This research program will uncover companies' best practices in managing predictive analytics implementations and the benefits they receive or expect to receive from their implementations.
Those interested in learning more about or participating in this benchmark research can do so at http://www.ventanaresearch.com/NextGenPredictiveAnalytics/. The research is being sponsored by IBM. Ventana Research, a leading business technology research and advisory services firm, provides qualified research participants with an incentive and complimentary report of the research findings as well as access to a free educational webcast on best practices from the benchmark research.
About Ventana Research
Ventana Research is the most authoritative and respected benchmark business technology research and advisory services firm. We provide insight and expert guidance on mainstream and disruptive technologies through a unique set of research-based offerings including benchmark research and technology evaluation assessments, education workshops and our research and advisory services, Ventana On-Demand. Our unparalleled understanding of the role of technology in optimizing business processes and performance and our best practices guidance are rooted in our rigorous research-based benchmarking of people, processes, information and technology across business and IT functions in every industry. This benchmark research plus our market coverage and in-depth knowledge of hundreds of technology providers means we can deliver education and expertise to our clients to increase the value they derive from technology investments while reducing time, cost and risk.
Ventana Research provides the most comprehensive analyst and research coverage in the industry; business and IT professionals worldwide are members of our community and benefit from Ventana Research's insights, as do highly regarded media and association partners around the globe. Our views and analyses are distributed daily through blogs and social media channels including Twitter, Facebook, LinkedIn and Google+. To learn how Ventana Research advances the maturity of organizations' use of information and technology through benchmark research, education and advisory services, visit www.ventanaresearch.com.
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