The majority of enterprise leaders say data
improves decision-making, yet a culture of gatekeeping withholds
valuable information
IRVINE,
Calif., May 23, 2023 /PRNewswire/ -- Alteryx,
Inc. (NYSE: AYX), the Analytics Cloud Platform company,
released independent research titled The Decision-Making
Technologies Shaping the Future of the Enterprise, revealing
the current state of decision-making across global enterprises.
While confidence and accuracy were cited as playing an
exceptionally important role in decision-making, the new study
highlighted multiple practices stalling the accurate and timely
decision intelligence required to thrive.
Challenging economic times force business leaders to deliver
the right answers at unimaginable speeds, but the current
pace of decision-making is holding businesses back. This is making
it difficult for businesses to make crucial decisions with the
speed and confidence required.
- 61% of respondents felt that decisions were generally quick and
efficient, but the reported times indicated otherwise.
- On average, operational decisions took two days, tactical
decisions seven days, and strategic decisions took 20 days.
- 55% of organizations responded that data availability leads to
faster decisions, yet only 24% reported using advanced decision
intelligence technology and analytical tools to currently automate
processes and help to make these decisions.
Sharing data has clear benefits for making intelligent
decisions at scale, but with leaders hesitant to make it
available, time-to-insight and the ability
to react and adapt has stalled.
- 80% of enterprise leaders agreed access to data improves their
own decision-making, and the majority indicated advanced
technologies such as analytics, business intelligence, and
artificial intelligence help deliver faster decisions.
- Yet, 65% did not think employees who make decisions for the
organization should have access to data for decision-making, and
21% felt data should be in the hands of senior leadership
alone.
- Findings revealed cultures of data gatekeeping negatively
affecting respondents' ability to collect and analyze data and
communicate insights across the business.
Optimized decision-making requires real-time insights: The
future of decision-making is automation, but machines will not be
making decisions alone.
- 97% of respondents indicated that they can imagine a future in
which all decisions in their organization are automated. On
average, organizations believed that decision-making will be fully
automated in 10 years, with many believing that it will take
longer.
- Only 4% of respondents said that they think the future of
decision-making will be machine-controlled, meaning that machines
will analyze, produce insights, and make decisions without any
human input.
- 66% of those surveyed believed that the future of
decision-making will be a combination of human and machine.
"It's essential for decision-makers to deliver insights quickly
and confidently," said Alan
Jacobson, chief data & analytics officer at Alteryx.
"Isolated pockets of data and analytics access are currently
hindering many organizations' ability to gain clarity in a
landscape of uncertainty. At Alteryx, we've long believed that data
and analytically optimized decision-making deliver better, faster,
more efficient and more confident intelligence – all unlocking the
potential to capitalize on insights needed to design better
experiences."
Considering the benefits, it's clear that data cultures need to
change. Robust internal governance policies would help
organizations feel more comfortable about cracking open the gates,
giving more of their employees access to data—and enjoying the
resulting benefits of advanced analytics across the enterprise.
Learn more about and download the research here:
alteryx.com/decisionintelligence.
About the Research:
The survey was conducted by
Coleman Parkes in March and
April 2023, and targeted 2,800 senior
business decision-makers, IT decision-makers, data analysts, and
line of business leaders about organizational decision-making. The
survey encompassed respondents from North
America, Latin America,
Europe and the Middle East, Asia and Japan. There was equal representation across
four industries: financial services and banking, retail,
manufacturing (including supply chain) and technology. 82% of the
organizations surveyed had over 1,000 employees, and their average
revenue was $3.7 billion.
About Alteryx
Alteryx (NYSE: AYX) powers analytics for all with the award-winning
Alteryx Analytics Cloud Platform. With Alteryx, enterprises
can make intelligent decisions across their organizations with
automated, AI-driven insights. More than 8,300 customers
globally rely on Alteryx to democratize analytics across use cases
and deliver high-impact business outcomes. To learn more,
visit www.alteryx.com.
Alteryx is a registered trademark of Alteryx, Inc. All other
product and brand names may be trademarks or registered trademarks
of their respective owners.
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SOURCE Alteryx, Inc.