Alteryx, 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 Indian 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.
“Harnessing the power of technology has become a crucial component for any forward-thinking business, as data-driven innovation delivers digital breakthroughs required to evolve and reshape for the business landscape,” Souma Das, managing director of India Sub-continent at Alteryx. “Our recent research emphasizes the significance of empowering decision-makers to analyse data and deliver real-time decision intelligence required to drive corporate growth and sustainable success, especially in a fast-evolving and dynamic economy like India.”
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.
· 61% of organizations responded that analytics, business intelligence, and artificial intelligence impact decisions making in their organization, yet only 22% 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.
· 84% 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, 63% 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.
· 95% 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 more than 10 years, with many believing that it will take longer.
· Only 5% 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.
· 63% of those surveyed believed that the future of decision-making will be a combination of humans and machines.
“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 employee’s access to data—and enjoying the resulting benefits of advanced analytics across the enterprise.