In an economic downturn, thinking beyond the near term can be challenging. Spending money in an inflationary environment concurrent with supply chain disruptions, recession concerns, and more can appear counterintuitive.
History has shown that the right technology investments create short-term impact while setting up organizations for long-term success. McKinsey discovered that the companies that invested in automation and digital transformation during the Great Recession of 2009-2010 exceeded the market average by 10%. What’s more, in the following three to five years, those same organizations outperformed their peers by upward of 30%!
Identifying Value: High ROI Technology Investments
High-performing organizations — those with industry-leading financial, customer, and employee metrics — know that quick ROI offers numerous advantages for their organization’s top and bottom lines. Those that invest in analytics automation and Generative AI (GenAI) are able to achieve ROI quickly by automating tasks, reducing errors, and enabling insights-driven decisions. In fact, G2 Crowd, a resource trusted by millions of people for peer reviews on software, found that Alteryx delivered value in just six months – three times faster than the estimated ROI time of 20 months for the average software vendor!
Unlocking Value: Building Data Literacy
When employees across the organization are analytically capable, business decisions are informed by insights and drive transformative actions, which is a distinct competitive advantage in times of economic unpredictability. The demand for analytics and GenAI is strong, with research from IDC revealing that 73% of organizations indicate analytics spend will outpace other software investments.
In May, we announced AiDIN, an AI engine that combines the power of artificial intelligence, machine learning, and generative AI with the promise of advancing the democratization of analytics. Technology investments like these are what Gartner refers to as “differentiating with digital” and one of the key actions that develops a differentiated position. However, 93% of survey respondents report that they are not fully using the analytics skills of their employees. This tells us that there is still significant room for organizations to accelerate their analytics journeys.
To become an insights-driven enterprise, all employees must have access to a platform that is easy to use, regardless of skillset, to unlock insights for their decisions. It also tells us that governance of data and analytics is imperative for democratization at scale. A platform that balances scale and governance is the answer in today’s environment.
This is our mission at Alteryx – Analytics for All.
Scaling Value: A Customer’s Journey
Investments in technology are also investments in employee and customer satisfaction. Prior to using Alteryx, SaskTel Demand Planning and Forecasting Manager, Byron Waugh, would manually construct forecast inventory reports, a tedious and unfeasible process. However, using Alteryx, Byron can forecast a minimum of five years. This helps to decrease the number of purchase orders necessary and the additional costs of rushing orders that the company was not prepared for, saving the company both time and money. In this case, not only is the company able to save money, but Byron is able to work more productively, and SaskTel’s 1.4 million customers are more satisfied.
Imagine what you can accomplish if everyone in your organization is making faster, more informed, and more confident decisions driven by insights. This is the key to not just surviving but thriving in an economic downturn. Through our Customer Success & Services team and our Partner Ecosystem, Alteryx has the people, processes, and services globally to help businesses scale that value across their organization and achieve ROI three times more quickly than with other technology investments. Through new technology like GenAI, customers can build proven analytic automation to quickly leverage workflow best practices and drive insights at scale through natural language processing.
It is pivotal that margin resilience is developed to withstand economic headwinds and to “future-proof” your organization, a topic discussed by Paul Chapman here.
Explore how RSM, winner of the Analytics for All award at Inspire 2023 in Las Vegas, is using Alteryx to navigate uncertainty in the financial services industry.