Survey from Alteryx Reveals Staggering Financial Risks Associated With A Lack of Data Blending Capability
90 Percent of Surveyed Business Leaders Cite Data Blending Deficiencies
as the Source of Delayed Data Insights that Result in Lost Revenue and Profit Opportunities
Irvine, Calif., December 19, 2014 – Alteryx, Inc., the leader in data blending and advanced analytics, today revealed the results of a survey conducted with over 200 analytics and business leaders across various industries, uncovering a trend of data blending challenges and their material impact on organizational success with analytics. Survey statistics point to a need for business analysts to be empowered to independently create the analytical datasets needed for decision-making.
The study revealed that 72 percent of business and analytics leaders are not satisfied with how long it takes to get the data results they need, and 90 percent of those leaders cite challenges with data blending as the main cause. Additionally many organizations (67 percent) do not have analysts who are able to bring together data from various systems either because they have to wait on others to deliver the data or because they simply aren't able to access the data they need. The time it takes to integrate and cleanse data from multiple sources is one of the largest hurdles business decision-makers have in getting the insight that will drive critical decisions in departments like sales, operations, or finance.
"The reality is that analysts face major challenges in creating the dataset that addresses the business question they are looking to answer," said Paul Ross, Vice President of Product Marketing at Alteryx. "This survey shows the revenue and profit opportunities that are being missed, and should be a rallying cry for business leaders to empower their analysts to be able to deliver insights in hours, instead of the weeks typical of traditional processes."
The survey responses also revealed:
- Failure to equip analysts with the right tools creates major barriers. Organizations know the barriers to getting the right data are related to their analysts not being empowered by proper tools and processes. 52 percent are forced to use too many tools and or deal with long processes that ultimately tack on extra time, 37 percent have to wait on other departments to gather their data, while 30 percent don't have access to the data they need. Only 18 percent are not trained in the proper skills to achieve the right data set, showing that these issues are caused by technology or process problems, and not by analysts' training or knowledge.
- Organizations want answers - in hours or minutes, not weeks - but can't get them. 72 percent of business and analytics leaders are not satisfied with how long it takes to get the data results they need; with 90 percent of these citing challenges with data blending as the cause. Another survey question found that 35 percent of business and analytics leaders prefer that insights are delivered within hours, and 37 percent within minutes.
- Delays in getting and producing data are causing real business problems. Organizations cite that not having the data they need delays business insights, which results most often in missed sales opportunities (37 percent), reduced return on investments (25 percent), increased costs (18 percent) and even losing out to competitors (9 percent).
The biggest challenge data analysts face is blending the right data from different sources quickly enough, and they are chronically underserved by traditional approaches to doing this – often requiring a number of tools or people to get the right dataset before the analytical process can begin. The survey indicates a need for business leaders to address these data blending deficiencies within their organizations in order to empower analysts with the necessary tools and prevent the resulting business problems.
To summarize the findings, Alteryx produced an infographic detailing the results of the survey, which can be found here http://www.alteryx.com/lack-of-data-blending-capability-infographic.
About Alteryx, Inc.
Alteryx is the leader in data blending and advanced analytics software. Alteryx Analytics provides analysts with an intuitive workflow for data blending and advanced analytics that leads to deeper insights in hours, not the weeks typical of traditional approaches. Analysts love the Alteryx analytics platform because they can deliver deeper insights by seamlessly blending internal, third party, and cloud data, and then analyze it using spatial and predictive drag-and-drop tools. This is all done in a single workflow, with no programming required. More than 700 customers and thousands of data analysts worldwide rely on Alteryx daily. Visit www.alteryx.com or call 1-888-836-4274. Alteryx is a registered trademark of Alteryx, Inc.