In 2011, research from CMOs, CIOs and CFOs all ranked Business Analytics as a key area of technology investment to help drive business and uncover hidden insights in the explosion of data sources.
And now IT professionals have spoken.
According to the 2011 IBM Tech Trends Report released today, Business Analytics (business intelligence, predictive analytics, governance, risk and compliance, financial performance and social analytics) was the most widely used technology, showing the least adoption resistance as businesses struggle to automate processes and make sense of ever-increasing amounts of data.
More than 4,000 IT professionals from 93 countries and 25 industries shared their opinions and provided their views on future IT trends, including how they plan to use Business Analytics (see graphic on right).
The report provides IT and business professionals a roadmap of the four critical and interconnected technologies and skills that will be in greatest demand in the coming years: business analytics, mobile, cloud and social business.
The U.S. Bureau of Labor Statistics predicts that there will be a 24 percent increase in demand for professionals with management analysis skills over the next 8 years. Helping to fuel this increase is the rising use of business analytics by companies in their efforts to learn more about their customers, including buying habits and preferences, as well as protect against fraud and mitigate risk.
Analytics skills are no longer just a requirement for the IT professional; they’ve become a necessity for organizations to remain competitive.
In a recent blog post, IBM’s Erick Brethenoux discusses how this analytics skills gap is getting proven by the significant widening of the overall performance between those that have analytics skills and those that don’t. Watch a video of Erick discussing this “epidemic.”
These IT professionals who gain the necessary analytics skills can also be change agents inside of the organization.
To make sure that organizations have the necessary talent, universities such as DePaul, Yale and Northwestern are also developing programs to prepare business and IT professionals with the analytics skills to bridge this gap, including the sophisticated analytics inside of IBM Watson to help understand the meaning and context of human language.
Other key findings in the Tech Trends report include:
· 42% of respondents named Business Analytics as an “in demand” area for software development
· Analytics has the highest adoption tendency (90%) when compared with other technology areas
· Half of those who are not currently using analytics plan to do so within the next 24 months, to increase automation, streamline processes and do more with less in faster time
· Survey respondents selected education and healthcare as the areas that could benefit the most, with financial services, life sciences and government also ranking near the top
· There is a growing importance of open source platforms such as Apache Hadoop and Linux for Business Analytics software developers.
Read the full 2011 IBM Tech Trends Report
Watch video of other IBM experts discussing the findings, including Erick Brethenoux below: