Endeca recently announced the results of a survey that explores the changing business intelligence analytics requirements. The survey polled 228 marketers at U.S. organizations with an eCommerce presence. The demographics indicated that 56% of the respondents came from B2C retail shops, 27% came from B2B Distributors, and the remaining 17% spanned Manufacturing, Financial Services, Education, and Media organizations. The survey found that while it is more important than ever to tap into social media sites such as Facebook and Twitter to understand evolving customer behavior and forge new revenue streams, marketers are overwhelmed with the growing number of data sources that need to be measured and analyzed.
Combined with the rise of information overload from the volumes of unstructured data coming from the leading social media sites, it is not surprising that survey results show that more than 60% of respondents admit they are currently making decisions based on only 50% or less of data available to them. In addition, nearly half of the respondents report that they are still using multiple tools (at least three or more) to support BI decisions.
Nearly half of respondents say they are not currently incorporating unstructured data into analysis, but it is something they would like to do. These firms are missing much of the good stuff. In addition, 35% of respondents say they spend hours combining data from various data sources and over half say they would like to analyze all information in a single view.
The need for a dynamically changing set of PI tools is also seen as 48% of respondents said their analytics requirements changed at least monthly, with 20% of respondents requirements changing daily or hourly. In addition, more than 40% of respondents cited that it often takes months to have their BI requests fulfilled or they often cannot get their requests fulfilled at all.
There is a great untapped potential for business intelligence as firms are still not taking advantage of the vast amounts of user generated content within Web 2.0.