As the impacts of COVID-19 and related external forces wane, major impacts from their wake now represent high-priority areas for investment. Our latest data show that organizations most frequently make new investments in data and analytics and performance management (77 and 65 percent, respectively).
In addition, high levels of new investment for business expansion (54 percent) and business-continuity planning (48 percent) indicate two things. First, as our data showed earlier in 2023, the impact of external forces likely will continue to wane in the coming year (see the Research Insight “Successful BI Initiatives Better Mitigate the Impact of External Forces”). Second, many organizations do not want to get “caught” negatively again by the effects of external forces, as happened first with impacts from COVID-19, and then again with the follow-on supply-chain, economic, and geopolitical forces (see the Research Insight “Data Leaders Need to Prepare for the Challenges That External Forces Will Pose”).
Although most data leaders now have a clear mandate to improve data sources and quality and invest in advanced analytics, they should not lead this C-level discussion solely with BI capabilities. Instead, they need to start the conversation by showing how the combination of data and analytics approaches, competencies, literacies, processes, tools, management, and governance supports specific business objectives and enables achievement of specific business outcomes. Since business expansion and business-continuity planning most frequently represent the top business-specific investment priorities, data leaders need to ensure that these dialogs inform and shape their investment priorities for data, analytics, and enterprise performance management (EPM), as well as align closely to their organizations’ top business priorities.
New data, analytics, and EPM investments also should aim to leverage and enhance the competencies and capabilities in the Dresner Advisory Services Hyper-Decisive® Maturity Model®, as hyper-decisive organizations will have an edge.You do not have permission to access this document. Make sure you are logged in and/or please contact Danielle with further questions.