Research reveals the majority of enterprise leaders say data improves decision-making – but a culture of gatekeeping withholds valuable information.
Alteryx, the Analytics Cloud Platform company, has released independent research titled The Decision-Making Technologies Shaping the Future of the Enterprise, revealing the current state of decision-making across Singapore 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.
“Difficult macro-economic conditions demand optimized decision-making not just from leaders but across the entire organization,” said Gari Johnson, senior Vice President of Asia Pacific and Japan at Alteryx.
“As organizations across Singapore continue to accelerate nationwide digitalization journeys, our research highlights why data democratization continues to be a lynchpin of successful Digital Transformation. It is imperative that business leaders empower workers of all levels to analyze data for insights if they want to thrive in today’s ever-evolving landscape.”
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:
- 65% 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 analytics, business intelligence, and Artificial Intelligence impact decisions making in their organization, yet only 24.6% 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:
- 73% 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, 66% did not think employees who make decisions for the organization should have access to data for decision-making, and 17% 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 nearly 10 years, with many believing that it will take longer.
- Only two percent 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 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.
