Independent Study Finds Hybrid Cloud Analytics and BI Strategies Will Grow Revenue 15 Percent for Enterprise Businesses
SAP announced research findings from leading industry analyst, Forrester Consulting, indicating that cloud is vital for enabling greater analytics and data maturity.
In the Forrester survey commissioned by SAP, 82 percent of companies agree a hybrid cloud approach is a critical next step in the evolution of their analytics-business intelligence (BI) strategy.
The study found that as digital businesses thrive and digital transformation continues to rise, firms looking to remain competitive need more than the traditional bare-bones, stand-alone siloed analytics solutions. Organizations must dramatically increase the penetration of analytics (including user adoption) and empower more business users to make better, insight-driven decisions.
Improving analytics maturity requires making analytics more actionable and accessible across the organization. As technical concerns around improving analytics-BI maturity ease up for companies, they must then focus on the strategy improving those capabilities. That strategy, respondents say, will lead to increased revenue – 92 percent of respondents with well-established analytics-BI hybrid cloud solutions project revenue growth of 15 percent or greater annually over the next three years.
The study found that companies desiring greater analytics-BI maturity should strategically focus their efforts on the following initiatives:
- Adopting more powerful and accessible analytics-BI capabilities: Meeting changing business needs requires tools that are easy to implement and offer architecture flexibility, yet at the same time support high security and governance standards – a hybrid cloud.
- Improving analytics-BI by investing in new technologies (the cloud) and exploring greater use cases for it: Hybrid cloud offers a wide variety of deployment options. Some may offer higher and faster ROI than others. Customers can choose the ones that will provide the highest business value at the lowest cost, effort and risk for them, then prioritize those technologies over more complex, longer-term projects.
- Increasing investment in analytics-BI: Improving analytics-BI must become a company-wide initiative to be fully effective. Companies need buy-in across the whole organization, ideally from the top down, to drive analytics-BI investments and improvements. This will increase the self-learning aspect of analytics and BI and allow for continuous improvement.
The SAP Analytics portfolio is focused on combining on-premise and cloud analytics into a hybrid solution. This leverages the strengths of both platforms and provides organizations with a fast track to the cloud with on-premise, managed cloud and public cloud offerings that work together.
On Thursday, May 24, 2018, at 10:00 a.m. ET, SAP will host a webinar featuring Forrester and Florida Crystals Corporation to discuss the findings of the survey: Improve Business Performance & Increase Revenue With Hybrid Cloud Analytics.