By now, you should already be familiar with a lot of analytics-related buzzwords. More and more JDs (Job Descriptions) are including “Experience with Web Analytics” as a good-to-have, or even a hard requirement for non-analytics roles. But how far along are we with Web Analytics maturity?
IntroductionObservepoint has recently published a report on Digital Analytics & Data Governance. It mainly covers observations made from surveys taken by more than 500 industry professionals from different verticals and backgrounds. The main goal is to discover how their organizations govern and analyze data, to see why companies struggle or thrive. If you’re interested to learn more about auditing your Web Analytics implementation, do visit their website at https://www.observepoint.com.
Digital Analytics Maturity7 summary points were made:
- Analytics maturity is still in its adolesence
- Analytics documentation is not a priority for businesses
- Executive buy-in is high
- A lack of human resources is a pressing concern
- On average, data professionals only spend 40% of their time analyzing data
- Improved decision-making is the #1 benefit of data
- Data personnel and programs improve confidence in data accuracy (and decisions)
1. Analytics maturity is still in its adolesenceThis should not come as a surprise as most companies are still struggling to make sense out of Web Analytics. Results are still elusive and that impacts the confidence of companies in Web Analytics. Having said that, adoption rate has been increasing, with 45% of the companies surveyed having premium web analytics tools (Adobe Analytics, Tealium, WebTrends, etc).
2. Analytics documentation is not a priority for businessesMany companies are still at the stage of trying out. You don’t know what you don’t know, leading to businesses unsure of what needs to be done in order to benefit from Web Analytics. Documentation is extremely important for any company that takes Web Analytics seriously. Without proper documentation, companies can expect to face scalability issues and data corruption down the road. Audit and troubleshooting will also be challenging or even impossible. If you are experiencing issues on building proper documentation, we have an article to get you started on a SDR (Solution Design Reference).
3. Executive buy-in is highAn observation made from the survey shows that 93% of executives are at least somewhat invested in data. This is a good sign showing that more and more companies are adopting Web Analytics as a potential key technology.
4. A lack of human resources is a pressing concernThis has always been a huge concern when it comes to emerging technology. There aren’t many professionals that have experience with Web Analytics. If we consider only those who have dealt with end-to-end web analytics implementation, then there is a clear shortage. Here are 5 traits of a good digital analytics consultant:
- Capable of identifying core KPIs of different stakeholders
- Willingness to learn new tools
- Comfortable working with large amount of data
- Capable of identifying actionable insights instead of fluff metrics
5. On average, data professionals only spend 40% of their time analyzing dataIn its infancy stage, it is understandable why data professionals are spending so little time on data analysis. Once Web Analytics maturity reaches a higher level, we can expect to see them spending most of their time analyzing complete, accurate and consistent data.
6. Improved decision-making is the #1 benefit of dataWith web data, we can better understand the ever-changing online behavior of users. Here are 5 ways we can benefit from data:
- Optimize campaigns and maximize ad budget
- Improve UI/UX
- Identify bugs/glitches found on the website
- Identify areas for improvement in customer journey
- Keep updated on customers’ wants and needs