In today's challenging economic climate, businesses are seeking ways to weather the storm and remain competitive. Investing in data analytics can be the key to success.
As things stand, the International Monetary Fund (IMF) projects that world economic growth will continue to slow in 2023. After a drop from the 6.1% growth in 2021 to 3.4% in 2022, only a 2.9% growth in the global GDP is expected in 2023.[^1]
While conventional wisdom calls for cutting costs to manage losses, Gartner’s 2023 CIO and Technology Executive Survey shows that IT budgets are expected to increase by 5.1% on average this year, with business intelligence and data analytics viewed as the second most important area for increased investment (behind cybersecurity).[^2]
“Slashing budgets with a blunt instrument didn’t work in 2020, and it won’t work in 2023, either”[^3]
Why? Because traditional cost cutting for short-term revenue can come at the cost of long-term, sustainable success. 54% of leaders in the US and UK believe that “my organization has a data literacy skill gap that needs to be addressed.”
Cutting instruments and training platforms would only widen the gap and create more challenges throughout the organization.
Is Investing in Data & Analytics Enough?
Data analytics is about using data to make smart decisions. It’s a powerful way for companies to identify cost-saving opportunities, streamline operations, and optimize decision-making processes, ultimately improving their customers’ experience. By analyzing data, businesses can gain valuable insights into customer behavior, market trends, and industry changes, enabling them to pivot their strategies and adapt to new challenges.
In addition, investing in data analytics can help businesses uncover new revenue streams and increase efficiency, leading to a more resilient and profitable operation. Therefore, investing in data analytics during an economic downturn is not only important for surviving but also for thriving in a rapidly changing and uncertain business environment.
However, simply investing in data analytics is not enough. Companies need to identify the areas where data analytics can have the most significant impact on ROI. To do this, it’s important to look beyond the traditional places, like maximizing revenue and minimizing costs.
In fact, Gartner found that only about a quarter of the 2,203 executives surveyed viewed growing revenue (27%) and improving cost efficiency (22%) as a primary focus. Instead, their top objectives for 2023 will be to improve operational excellence (53%) and improve customer or citizen experience (45%).[^2]
It’s also necessary to understand that working with data shouldn’t be limited to a company's analytics department, or their third-party consulting firm. The rapid growth and adoption of self-service business intelligence tools like Power BI and Tableau empower employees from all departments to start turning their data into insights. With subject matter expertise already covered, the technical skill gap is the only one left to fill.
The Solution: Upskill and Reskill Talent
So, where do you start? Look no further than Maven Analytics for Business.
Our Guided Learning approach provides expert guidance and flexible tools to help build the perfect training plan for each team. Leaders can assess their team’s skills, identify gaps, and create personalized learning paths to help employees develop the skills they need at their own pace. That means mastering essential data analytics tools like Excel, SQL, Power BI, Tableau, and Python, as well as soft skills like critical thinking, communication, and data storytelling.
Our project-based courses and case studies enable faster upskilling, while our top instructors and industry experts provide valuable insights and best practices. Plus, with real-time reporting and progress tracking, you can easily measure your team’s improvement.
Now is the time to invest in data analytics and brands around the world using Maven Analytics. Trusted by over 1,000,000 users worldwide.
[^1]: International Monetary Fund. (2023, Jan 31). World Economic Output Update - January 2023. Retrieved from Inflation Peaking amid Low Growth
[^2]: Gartner. (2022, Oct 18). Gartner Survey of Over 2,000 CIOs Reveals the Need to Accelerate Time to Value from Digital Investments. Retrieved from Gartner Survey of Over 2,000 CIOs Reveals the Need to Accelerate Time to Value from Digital Investments
[^3]: Forrester. (2022). 2023 Planning Isn’t Business as Usual. Retrieved from Discover Why 2023 Planning Isn't Business As Usual
[^4]: Leaver, Sharyn. (2023, Feb 21). Align Around Your Customers To Power Growth In Today’s Economic Climate
[^5]: Forrester. (2022). Predictions 2023: Fortune Favors the Bold And Focused. Retrieved from Forrester Predictions 2023: Fortune Favors The Bold And Focused
