Analytics Time Lags Result in Lost Opportunities
Organization leaders are getting impatient with the amount of time it takes to obtain results from data analytics, according to a recent survey from Alteryx. They feel it should take just hours—or possibly minutes—to gain insights from data, rather than the days or weeks that is often required. Much of the problem is related to a lack of data blending, as data frequently has to be pulled from a half-dozen or even dozens of sources. As a result, it takes too much time to get the right data together to make a decision, and organizations are losing sales opportunities, missing ROI targets and incurring heavy operational expenses. With an approach that enables analysts in line-of-business groups to blend their own data, companies can avoid these issues. "The reality is that analysts face major challenges in creating the datasets that address the business questions they are looking to answer," says Paul Ross, vice president of product marketing at Alteryx. "[There are] revenue and profit opportunities that are being missed, and that 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." More than 200 analytics and business leaders took part in the research.