Hurwitz & Associates recently announced the findings of The Hurwitz Victory Index Report for Advanced Analytics. Designed as a market research assessment tool, it highlights both the diverse uses for advanced analytics technology such as predicting customer behavior and preferences, sales and industry forecasting, predicting failures in machinery, and predicting and reducing fraud, and the vendors who make those applications possible. The Hurwitz Victory Index Report for Advanced Analytics examines the top trends for end users to consider and analyzes 10 vendor offerings in the market across four key dimensions: vision, viability, validity and value.
In the first quarter of 2014, Hurwitz & Associates surveyed more than 465 U.S. advanced analytics users online, and conducted in depth qualitative phone interviews with 30 individual business and technical users from many different industries including manufacturing, banking, insurance, retail, professional sports, and government agencies. The survey covered business and technical benefits and challenges of different analytics platforms.
Advanced Analytics Victors:
- Victors in Go to Market Strength: IBM, SAS, SAP, Pegasystems, and Angoss
- Victors in Customer Experience Strength: SAS, IBM, StatSoft, SAP, and Angoss
- Leaders in Go to Market Strength: StatSoft, Revolution Analytics, RapidMiner, and Megaputer
- Leaders in Customer Experience Strength: Megaputer and RapidMiner
Key Study Findings:
- Most users are happy with their current analytics platform – 60% rate their vendor’s breadth and depth of statistical functionality as excellent.
- Customers have a growing expectation that business users, for example a chief marketing officer (CMO) or account executive, can access insights from analytics without the help of a data scientist or statistician. Vendors are creating more business user friendly offerings, however, there is still work to be done – only 45% of respondents rated their analytics platform as excellent for business users, while nearly 60% rated it excellent for data scientists and statisticians.
- There is explosive growth of R in analytics environments. While R is becoming pervasive within organizations and in academia, it is still viewed as a tool for data scientists and statisticians. Of the R users who participated in the survey (40 users), 25% ranked it as below average for ease of use, and 1/3 ranked it below average for its ability to support business users.
The advanced analytics market is experiencing significant growth and we expect interest in this technology to increase dramatically over the next several years. As companies recognize the positive impact of analytics on one aspect of their business, they are rapidly applying advanced analytics to business challenges across the enterprise,” said Daniel Kirsch, report co-author and Senior Analyst with Hurwitz & Associates. “We see an increasing number of emerging players developing innovative solutions to tap into this market and we expect some of these new companies with deep technology roots will be acquired.”
What is Advanced Analytics?
Companies use advanced analytics to discover patterns and anomalies in large volumes of data, and then use this insight to predict the outcomes of future events and interactions. In addition, advanced analytics is used for optimization and complex event processing and analysis. With advanced analytics, your organization can adjust its plans and strategies to become more competitive, minimize potential risk and optimize decision-making in real time.
At Hurwitz & Associates we take pride in providing a holistic view of the value and benefit of important technologies. We assess not just the technical capability of the technology but its ability to provide tangible value to the business,” said Judith Hurwitz, President of Hurwitz & Associates. “The Victory Index will serve as a critical guide for those looking to adopt technologies that can deliver the competitive edge needed to succeed in today’s dynamic business environment.”
To learn more about The Hurwitz Victory Index Report for Advanced Analytics or to purchase a copy of the report, please visit www.hurwitz.com.
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