New Big Data Study Reveals Need to Empower More Employees Alteryx-sponsored research by Economist Intelligence Unit: need to democratize Big Data access and analysis to drive effective decision making and create business value
IRVINE, Calif., Oct. 16, 2012 /PRNewswire/ -- A new global survey conducted by the Economist Intelligence Unit and sponsored by Alteryx, Inc., the leading provider of Strategic Analytics software, finds that the vast majority of global business executives want to enable more of their employees with better access to Big Data and the ability to analyze it in the context of other relevant data.
The survey, summarized in the report Big Data and The Democratisation of Decisions, found that 77 percent of executives surveyed reported that more employees need to have access to Big Data in order to make informed decisions. In referencing the last major decision they made, 45 percent of companies surveyed felt they did not have enough Big Data, while more than half of those agreed that adding more sources of data would have helped ensure a positive business decision and outcome.
The survey focused on how organizations can get more value from Big Data and what the specific outcomes would be if they did so effectively. The key survey findings include:
- Business Growth through Customer Loyalty and New Markets – Customer service and retention and new market opportunities are the greatest areas for growth and potential business benefit from access to Big Data insights.
- The Need for Comprehensive Data and Context – When combined, Big Data and other sources of market and customer data can drive better market analysis and improved customer intelligence. Business leaders want their employees to analyze Big Data in the context of other relevant market information such as customer segment data and third-party market data.
- Speed is Vital – Some 63 percent of companies surveyed reported that if Big Data capabilities were to be expanded to more employees, the most important outcome would include better decisions being made faster.
"Companies are beginning to understand that Big Data isn't just about high volume and velocity; it's mostly about the ability to get at new sources of data that provide business value when analyzed in the context of all other relevant data," said Rick Schultz, senior vice president, marketing, Alteryx. "Big Data is extremely valuable to companies looking to solve their immediate decision-making challenges. Delivering the right data to the right decision maker in a way they can understand – no matter where that data lives or what form it takes – is crucial, and companies need to make this easier in order to get maximum value from Big Data."
The report also highlights increased investment in enabling line of business employees with better access to Big Data and the ability to analyze it. Over the next three years, 53 percent of companies anticipate increased investment in expanding Big Data decision capabilities to more employees. Already, nearly half (48%) of respondents said that someone other than the Chief Information Officer (CIO) drives Big Data processes.
"It's about access but also about understanding," said one survey respondent. "We all need to get better at amalgamating and analysing disparate data sources."
Download a free copy of the survey on the Alteryx Website.
About The Economist Intelligence Unit
The Economist Intelligence Unit is the world leader in global business intelligence. It is the business-to-business arm of The Economist Group, which publishes The Economist. As the world's leading provider of country intelligence, the Economist Intelligence Unit helps executives make better business decisions by providing timely, reliable and impartial analysis on worldwide market trends and business strategies. More information about the Economist Intelligence Unit can be found at eiu.com or follow us on www.twitter.com/theeiu.
About Alteryx, Inc.
Alteryx provides an indispensable and easy-to-use analytics platform for enterprise companies making critical decisions that drive their business strategy and growth. Alteryx Strategic Analytics runs analytic applications that empower executives to identify and seize market opportunities, outsmart their competitors, increase customer loyalty and drive more revenue. It Humanizes Big Data by enabling business analysts and Data Artisans to combine Big Data with market knowledge, location insight, and business intelligence; easily perform predictive and spatial analytics; and produce analytic apps that can be shared via the private cloud or the Alteryx Analytics Gallery public cloud. Customers like Experian Marketing Services and McDonald's rely on Alteryx daily. Headquartered in Irvine, California, and with offices in Boulder and Silicon Valley, Alteryx empowers 250+ customers and 200,000+ users worldwide. Visit Alteryx, the leader in Strategic Analytics, today at www.alteryx.com or call 1-888-836-4274.
Alteryx is a registered trademark of Alteryx, Inc.
SOURCE Alteryx, Inc.