Businesses struggle to make decisions due to 'analysis paralysis'
In difficult economic times businesses need to make decisions quickly and data is a key part of enabling those choices.
But research from analytics cloud platform Alteryx shows enterprises are struggling to make timely, insight-driven decisions because of 'analysis paralysis' caused by issues around ownership of and access to data.
The report is based on a study of 2,800 senior IT and business decision makers worldwide. It shows that on average, operational decisions take two days, tactical decisions seven days, and strategic decisions 20 days. 55 percent of organizations report that data availability leads to faster decisions, yet only 24 percent are using advanced decision intelligence technology and analytical tools to automate processes and help to make these decisions.
There's clear recognition of the value of data, with 80 percent of enterprise leaders agreeing access to data improves their own decision-making, and the majority saying advanced technologies such as analytics, business intelligence, and artificial intelligence help deliver faster decisions. However, 65 percent don’t think employees who make decisions for the organization should have access to data for decision-making, and 21 percent feel data should be in the hands of senior leadership alone.
Jason Janicke, SVP EMEA at Alteryx says, "Paradoxically, decision-makers today are not only struggling with decision fatigue, but analysis paralysis -- preventing them from taking their day-to-day, tactical and strategic decisions to the next level. While most businesses are already working towards fostering a data-driven culture, a significant gap remains between those who reap the benefits of data analytics and those at the start of their analytic journey. Only by breaking free from practices that inhibit the ability of employees to deliver data-driven decision intelligence at scale and fostering a data-driven culture that empowers employees at every level to use data will organizations successfully accelerate transformation."
Respondents are keen to adopt automation, 97 percent of respondents say they can imagine a future in which all decisions in their organization are automated. On average, organizations believe that decision-making will be fully automated in 10 years, but just four percent of respondents say that they think the future of decision-making will be fully machine-controlled, meaning that machines will analyze, produce insights, and make decisions without any human input.
The full report is available from the Alteryx site.
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