Monday, March 27, 2023

Data Inefficiencies Lead to Critical Underutilization of Data Analysts

By Sudipta Choudhury - June 15, 2020 3 Mins Read

Data Analytics – Is it able to deliver Efficiencies when Overused

The concept of data analytics is plagued with inefficiencies as it is time-
consuming, and analysts have no time to implement any ideas – reports Fivetran.

Most data analysts spend half of their time doing only analysis – even if they have got profit-driving ideas. This does not leave them with enough time to implement these  strategies. While organizations continue to invest in data experts, it might not be that wise. Fivetran, in collaboration with Dimensional Research, has published its latest study –”2020: The State of Data Analysts Global Surve” and celebrated Data Analyst Appreciation Day on June 11, 2020.

Researchers suggest that adding more  data analytics wizards is not always the solution to  the existing issues. The company conducted an online survey of approximately 500 data  professionals across five continents. It was found that about 68% of the professionals have ideas for driving more profit for their company; however, there is a lack of time for  implementation. Over 60% of data professionals reported that it is a waste of time for engineering resources, multiple times every month. They often spend one-third of their workday just trying to access data. About 90% of the respondents noted their work was
moving slower due to several unreliable data sources over the last 12 months.

Also read: Significant Gap between C-suite Executives and Data Analysts’ Views Regarding BI

Businesses are already striving to optimize their decision-making strategies in this evolving global economic landscape. The report finds that letting data analysts utilize more time with analyzing and shorter time into finding and fixing data can drive improved decisions and increased business profits. A majority of the problem lies in data quality, integrity, and access – the primary challenges that were unanimously pointed by the respondents.

Some other principal findings from the study are –

a] About 71% of companies are planning to hire more data analysts in the next one
b] About 74% of organizations will increase the number of business intelligence users
within the same period
c] Nearly 86% of the professionals struggling to work with out-of-date data
d] Another 41% reported they have been using data that was 2-months old or more
e] About 60% analyst noted that they deal with frequently evolving data schemas
f] Nearly 92% said often they are required to carry out tasks outside of their role

George Fraser, Co-founder and CEO at Fivetran, mentioned in the company blog post, “The
struggles data professionals face in simply doing their work and the time they waste is
astounding… To keep critical analytics projects moving, these unsung heroes contend with
numerous workarounds to compensate for unavailable engineering resources and
unreliable data sources.”

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Sudipta Choudhury

Marketing professional with experience in B2B and MR industry. Skilled in Marketing, Strategy Making, Copywriting and Content Creation, Sales, and SEO with excellent Communication Efficiency. Holding a dual master's degree focused on Marketing from IBS, Pune and ICFAI University.

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