Businesses Taking a Converged Approach to Analytics, Data Science

Businesses are adopting a converged approach to thrive in a strong economy and stay resilient in times of volatility, according to a new study by Forrester Research.

Commissioned by Alteryx, “Data and Analytics: The Key to Driving the Business During Challenging Times” is based on a comprehensive survey of 250 organizations and analytics decision-makers in organizations from North America, Latin America, Asia, and Europe.

A converged approach

The study found that leveraging analytics, data science and process automation together offer substantial business benefits, and that a majority of those surveyed say they have initiatives around all three.

61% of respondents agree that both analytics practitioners and business users must have access to self-service solutions to improve their data and analytics programs. Crucially, 65% already have initiatives to encourage collaboration between data science teams, analytics teams and the business, while 62% of companies are working to automate business processes by embedding analytic processes into business functions.

Data and analytics programs typically suffer from silos, inadequate data literacy across the organization, and a lack of data democratization. The report notes that addressing these issues is key to accelerating business outcomes.

To succeed, Forrester recommends a three-step process that starts with democratizing access to data and analytics such that everyone in the organization can contribute insights. Business processes should be automated wherever possible, freeing up contributors to craft and implement higher-level strategies. Finally, the entire workforce should be upskilled, to facilitate the creation of a culture of analytics across the organization.

“There is no doubt the unification of analytics, data science and integrated process automation is critical to delivering business outcomes that are both insightful and actionable. With this unification also comes a heightened need for self-learning and self-service, especially as more workforces look to upskill in remote working environments,” said Sharmila Mulligan, chief strategy and marketing officer of Alteryx.

Image credit: iStockphoto/Olivier Le Moal