What Is Holding Back Decision-Making at SG Enterprises?
As Singapore dives deeper into the digital age, the speed and accuracy of decision-making within its enterprises have never been more crucial. However, a recent study unveils a paradox—while most leaders agree on the importance of data-driven decisions, a prevailing culture restricts access to essential data.
Research from Alteryx titled “The Decision-Making Technologies Shaping the Future of the Enterprise,” paints an intriguing picture of decision-making across Singapore’s business landscape. The report reveals that while decision-makers understand the role of confidence and accuracy, current practices might hamper the decision intelligence essential for businesses to flourish.
Gari Johnson, senior vice president of Asia Pacific and Japan at Alteryx, points out the gravity of the situation, emphasizing, “Difficult macro-economic conditions demand optimized decision-making not just from leaders but across the entire organization.”
He further notes the essential role of data democratization, suggesting that "It is imperative that business leaders empower workers of all levels to analyze data for insights if they want to thrive in today's ever-evolving landscape."
Despite challenging economic conditions requiring rapid and accurate decisions, the current decision-making speed seems to be a stumbling block for businesses. Although 65% of those surveyed felt that decisions in their organizations were generally efficient, the actual reported times told a different story. The time frames for decisions ranged from two days for operational choices to 20 days for strategic ones.
A striking observation from the study is the underutilization of decision intelligence technology. While over half of the surveyed organizations acknowledged the impact of analytics, business intelligence, and artificial intelligence on decision-making, only 24.6% are tapping into advanced decision-intelligence technology and analytical tools.
Access to data emerges as a significant point of contention. 73% of enterprise leaders confirmed that data access enhances their decision-making capability, with many lauding the role of advanced technologies in facilitating quicker decisions.
But here’s the catch—66% were against granting employees who make decisions data access, and 17% believed that data should be reserved for the upper echelons of leadership. This evident data gatekeeping culture has hampered the ability to gather, analyze, and disseminate insights effectively.
Looking to the future, the study hints at a blend of human and machine collaboration in decision-making. 97% can envision a scenario where decisions are automated. However, only a minuscule 2% foresee a completely machine-controlled future. A significant 63% anticipate a human-machine synergy in future decision-making processes.
Alan Jacobson, chief data & analytics officer at Alteryx, sums up the situation. “Isolated pockets of data and analytics access are currently hindering many organizations’ ability to gain clarity in a landscape of uncertainty.”
For enterprises to reap the full benefits of data, there’s an evident need to revamp existing data cultures. Adopting robust internal governance policies might be the key to unlocking employee data access, paving the way for harnessing advanced analytics at an enterprise-wide scale.
Image credit: iStockphoto/wildpixel
