Alteryx, a data science and data analysis software company, has released a report titled “The Decision-Making Technologies Shaping the Future of the Enterprise,” which highlights the discrepancies between self-assessment and reality in decision-making within companies. According to the report, 61 percent of surveyed managers believe they make decisions quickly and efficiently. However, on average, these same managers need up to 20 days for complex, strategic decisions. The study identifies three types of decisions: routine operational decisions that affect day-to-day business take an average of two days, tactical decisions with short-term effects take around six days, and strategic decisions require an average of 20 days.
The report suggests that these decision-making time frames are far too slow and suggests using complete automation of business decisions that use data, supported by AIs, to resolve issues. Practically all respondents (97 percent) believe that automation will happen eventually, but the managers themselves only expect this to be possible in around ten years.
Until then, the report suggests that the democratization of data could help companies make faster decisions. Over half of the surveyed managers claimed that a good data basis helped them make decisions more quickly. However, only 24 percent use “advanced technologies and analysis tools to automate decision-making,” and only a third of business leaders think that executives should have access to all data relevant to their decision-making.
The report was released in May 2023 by Coleman Parkes Research on behalf of Alteryx. The survey interviewed 2800 executives from North and Latin America, Europe, the Middle East, and Asia, with respondents allegedly from unidentified countries. Interested parties can download the report for free from Alteryx’s website but must submit personal data first.
