Data Analytics – Key enabler to business growth in the region

Alteryx revealed that insights from a newly-commissioned IDC Infobrief, which show that despite current economic challenges, businesses are investing in data-driven transformative technologies to make informed business decisions for the future.

With the impact of the pandemic on business operations and revenues varying dramatically across industries, one thing remains consistent across respondents – businesses are prioritizing the adoption of new business models infused with data-driven actionable insights as digital transformation projects have been accelerated to start much sooner than planned. The Infobrief, Analytics-Led Process Automation Empowers Digital Transformation in the Gulf Region, offers some fresh insights into the broader business impacts of COVID-19 on transformation projects in the Gulf:

• Despite 30% of organizations in the Gulf reporting revenue decreases by up to 40% due to the impact of COVID-19, over half (58%) are still prioritizing investments in data reliant technologies of Artificial Intelligence (AI), Robotic process Automation (RPA) and Analytics.
• 53% of CIOs have expedited their transformational initiatives to meet the new needs of their customers and bring in operational agility.
• 23% of CIOs are investing in technologies such as Data Analytics that enable their organizations to better understand their customer data.

Data and AI-led process Automation remain at the centre of the future of intelligence.

The Infobrief reveals that strengthening customer engagement with new product and services is critical to achieve desired business outcomes. Of those respondents who are realigning their businesses for a new normal, 46% of organizations intend to create new products and services, and 43% will focus on gaining a 360-degree view of the customer to create new revenue channels, more digital services to enhance customer satisfaction and ensure uncertainties don’t destabilize them in future.

Upskilling proactively drives digital innovation vital for business resilience.

When it comes to learning new skills, the overall response highlights upskilling employees as key to delivering a better understanding of the insights derived from their data to impact business decisions.  

• 84% of organizations are unable to realize the relationship between their enterprise data and business decisions.
• 44% of organizations believe that upskilling their employees and enhancing their employee engagement will empower them to contribute to the digital innovation.

On an innovation level, many businesses are turning to data as the lifeblood of their AI enabled Process Automation to become more competitive and agile. When it comes to technology spending, 33% want to increase spending on AI and RPA with with an aim to achieve customer happiness, operational efficiency, and business resiliency. The Infobrief further uncovers that 39% of CIOs are already automating customer service agents using Artificial Intelligence in 2020 and 36% plan to use AI in 2021.

Commenting on the findings, Abboud Ghanem, Regional Vice President, Middle East and Africa at Alteryx said “Despite the varying levels of maturity in Process Automation and Analytics across industries in the Gulf region, we are slowly starting to see a shift in the perception. The pandemic has forced organizations to adopt new models to ensure business continuity that will extend even beyond this unprecedented health crises.  The road to recovery from here requires analytical precision and data automation. While data is important, its use is limited without empowering the workforce to affect business-change with data analysis. Anyone can upskill themselves to deliver business outcomes. With continued high stakes, there is no room for error, making it imperative for businesses to be equipped with human-centred data-driven insights to make the right decisions. If workers have the right technologies that are easy to use, combined with access to the data, magic can happen.”

Close to 7,000 customers including 38% of the Global 2000 rely on the Alteryx APA Platform to leverage the massive influx of data cascading in across lines of their business and fast-track their workforce upskilling and digital transformation journey. To learn more about Alteryx customer success visit: https://www.alteryx.com/customer-center.