New Research Shows Analytics Outpaces Other Software Spending In Next 12-18 Months

 Firms face significant gap in return on their investment, as almost 90% in Singapore fail to fully utilize  their employees’ analytics skills 

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 progress 

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business outcomes Many business processes in today’s digital economy are still manually running on paper and outdated  spreadsheets, creating a widening analytics gap.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  

“It’s no surprise that so few organizations are ahead of the curve when it comes to analytic maturity  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.” 

Methodology

The IDC Infobrief titled “4 Ways to Unlock Transformative Business Outcomes from Analytics  Investments” is based on a comprehensive sample of 1,501 respondents across three regions of: North  America; Europe, Middle East, and Africa; and Asia/Pacific.