Extra tags: Analytics SpendingTransformative Business
Alteryx, Inc. (NYSE: AYX), the Analytics Automation company, issued findings from Alteryx-commissioned IDC research, “4 Ways to Unlock Transformative Business Outcomes from Analytic Investments,” revealing that 73 percent of organizations in Singapore* expect analytics spend will outpace other software investments in the next 12-18 months. As organizations in Singapore increase their spending on analytics, the survey finds that the overwhelming majority of organizations say less than half of business decisions are based on analytics*.
Further, even fewer are maximizing advanced analytics, as less than 30 percent of decisions are informed by artificial intelligence and machine learning for most organizations. To help businesses maximize their analytics investments, the global IDC survey uncovered the impacts of people, data, and analytics automation on return on investment (ROI).
Gap between analytics and upskilling spending hinders digital progres.
In Singapore, 89 percent of organizations are not fully using the analytics skills of their employees*. This is in part due to only one out of five organizations across the globe reporting commensurate investment in upskilling for analytics and data literacy. Globally, IDC further uncovered:
- 9 out of 10 respondents say that less than half of their knowledge workers are active users of analytics software other than spreadsheets
- 63 percent of organizations are not using the full breadth of data types available
- 82 percent of organizations indicate data access policies are only moderately effective or worse
- Enterprise-wide analytics solutions have been deployed in less than half of the departments that need them
Key strategies to maximize analytics investments and drive transformative business outcomes
Many business processes in today's digital economy are still manually running on paper and outdated spreadsheets, creating a widening analytics gap. When respondents invested in a low-code/no-code
analytics automation platform and followed specific strategies, IDC found organizations improved their financial, customer, and operational metrics. These strategies included:
- Deploying easy-to-use cloud-based or hybrid AI-infused analytics technology to support cross- functional use cases
- Breaking down data and analytics silos by emphasizing enterprise-wide analytics
- Developing a data culture that aligns technology spend with upskilling on data literacy
- Ensuring alignment on analytics initiatives between IT and line of business to eliminate shadow IT
considering they leave out a key component: people,” said Dan Vesset, group vice president, Analytics and Information Management, IDC. “What we’re seeing is that organizations that provide analytics tools that are easy to use and easy to access, while upskilling their talent, achieve more ROI from their
respective analytics investment than organizations who do not.”
“As their operating business environment increase in complexity, organizations need powerful and unified, end-to-end analytics automation solutions that enable business leaders to make critical data-led decisions anytime, anywhere,” said Gari Johnson, senior vice president of Asia Pacific and Japan, Alteryx. “Analytics automation provides the organizational agility needed to advance digitally and empower the workforce across all levels to turn data into actionable insights.”
Take the Alteryx Democratization of Analytics Maturity Assessment and receive a complimentary report of your organization’s performance with insights into how to maximize your analytics ROI.
*Source: IDC Research MAP for Alteryx, doc #US49673822, September 2022
