61% Of Companies Increase Analytics Budget, But Skills Gap Remains An Issue

According to the latest Measurement and Analytics Report by Econsultancy and Lynchpin, 61% of companies are setting aside more money for analytics technology, compared to just over a third (35%) last year. However, despite expanding budgets, there still remains a skills gap when it comes to putting this tech to use, says Econsultancy editor-in-chief Graham Charlton.

The survey involved 1,000 marketing professionals, of whom 46% plan to increase their analytics budget for internal staff over the next year. Another 44% said they would be increasing their analytics spend for consulting and services.

Of the proportion who will be spending more on the technology itself, a gap appears for skilled personnel that can utilise this technology. Its adoption is advancing faster than marketing departments can acquire the skills in question. Indeed, an earlier Econsultancy survey showed that industry professionals are aware of the complexities being added to their role and felt unprepared for these fast changes.

When asked about the areas with the most pronounced skills gap, a fifth of respondents identified the use of digital analytics tools. Another 17% said that the biggest gap was in the area of statistical modelling and 13% said the biggest challenge was conversion rate optimisation. The least problematic area in terms of skills was the production of reports, mentioned by just 3% of respondents, along with gathering requirements and quality assurance, both cited by 5% of those polled.

Commenting on the survey results, Lynchpin managing director Andrew Hood said there seemed to be an assumption that investing in analytics technology alone will improve performance, which is an assumption that is “potentially dangerous.”