As organizations are gathering more and more data, the latest problem they’re now facing is not having enough data scientists and analysts to keep up with it all. Most organizations have tried to solve this problem by hiring more specialists, but there’s a better way to unlock insights, drive quick wins, and achieve faster ROI from data.
Analytics platforms, such as the Alteryx Analytic Process Automation (APA) Platform™, can make all the difference by automating time-consuming tasks, democratizing data, and helping workers upskill. To determine the impact of Alteryx APA, IDC interviewed organizations about their use of Alteryx APA and the results they have seen so far.
See what customers had to say and dive into the top four reasons why Alteryx APA is such a game-changer.
IDC puts the value that interviewed Alteryx customers have achieved at an average of $33,428 per business analyst per year (an average of $116.4 million per organization).
1. Consolidate and Analyze Data the Easy Way
“We have multiple boundary systems as well as ERPs and in order to combine them rather than directly feeding from those systems and having different programs, Alteryx APA was viewed as the best option to analyze large amounts of disparate financial data with one platform.”
The specific Alteryx capabilities that drove customer purchase decisions included ease of use, the ability to consolidate on a single data platform, and platform-specific features, such as spatial analysis capabilities. With Alteryx APA, users can easily bring data sources together to run analysis and not have to touch a single spreadsheet. And best of all, users can analyze data and find insights low-code or no-code with drag and drop tools.
Thousands of Inputs and Outputs
A substantial number of business analysts rely on the platform to handle large volumes of data from disparate sources (3,679 data sources on average) in support of 559 outputs on average.
—IDC whitepaper, sponsored by Alteryx, The Business Value of the Alteryx Analytic Process Automation Platform
2. Get Timely Insights and Increase Team Productivity
“Our time to insight is much faster with Alteryx APA. As an example, time and expense reporting was historically done on an invoice-by-invoice level. With Alteryx APA, this data is now being sent out to thousands of managers, so we’re 90% faster to deliver insights and it requires 40–50% less staff time to do this work.”
Interviewed customers unanimously described the quantifiable benefits of the Platform as higher productivity for data-related employees and improved business results. Using Alteryx APA, customers have automated time-consuming data and analytical activities, allowing them to work more effectively and efficiently.
The IDC whitepaper evaluated the extent to which Alteryx APA was able to help business analyst teams and found that the biggest improvements were seen in collecting and preparing data (45% efficiency gained) and data analysis (38% efficiency gained). The overall efficiency gain of 32% for these business analyst teams reflects a substantial value gain for interviewed organizations as they spend less time treating and handling data and more time generating specific, customized, and actionable insights to be used by line of business teams.
IDC calculated that the combined staff productivity team savings for other employees who work with data, e.g. data scientists, business intelligence teams, etc., would yield an annual value of $1.45 million per organization in higher productivity levels.
Alteryx APA also provided downstream benefits for line of business teams in the functional areas of manufacturing, logistics, finance, and inventory. The IDC whitepaper calculated that these combined productivity benefits provided an annual business value of $1.69 million for the sample of Alteryx APA customers interviewed.
3. Improve Business Outcomes and Capture More Revenue
“Alteryx APA helps with customer retention because its biggest value is the speed at which we can get things done, which translates into cost savings and turnaround time. It absolutely helps when we use it effectively, because we often get things done at a lower cost.”
Interviewed companies reported that Alteryx APA facilitates business and operational gains, including higher revenue, lower operational costs, better decision making, and improved quality of data-driven services and products. Study participants also noted improved customer retention, the benefits of using spatial data, and generally higher customer satisfaction.
IDC calculated total additional revenue per year at $211 million and operational cost savings at $500K per organization, reflecting the significant impact that the platform has had on their ability to leverage data and analytic insights.
4. Upskill Employees and Leverage Your Current Workforce
“Before Alteryx APA, we had two information analysts. They were doing visualization, but to reach the level of digital transformation we wanted, we would have needed to hire 30 analysts. That was not going to happen, so we picked out people within the company who demonstrated a propensity for data analysis, and we trained them to be our citizen Alteryx APA users.”
Alteryx APA helps employees upskill, especially users who have little to no experience with data. Through the platform, users can get rapidly up to speed and take on data-related projects. The training it provides puts people in a position to deliver more value through deeper analysis or more insightful analysis. Rather than hire new data workers, Alteryx APA is giving data capabilities to current employees and enabling them to leverage their industry specific skills and data to find insights.
“With Alteryx, we can give somebody with 10 years accountancy experience the data capability of a data professional who’s been working in the industry six years and do it within six months.”
Read the IDC whitepaperto discover the full impact Alteryx APA can have on your business, workforce, and revenue.