Streamline Operations & Improve Decision-Making

With 82% of companies making decisions based on stale information, analytics powered by AI is taking center stage when it comes to modernization initiatives. Furthermore, 88% of executives reported an increase in investments in data, analytics, and AI last year. This trend continues, as many organizations seek to overcome the various challenges associated with reporting and analysis. 
 

Top 4 Pain Points of Manual Reporting & Analysis  

• Manual manipulation of data results in a lack of visibility to timely decision-making, with as many as 42% of businesses experiencing negative impacts on business performance and decision-making due to poor data quality. 
• Reports are backward-looking, yet 88% of executives state that forward-looking data is key to their success. 
• Measuring performance is challenging for leadership, as leaders often spend important meeting time challenging the data and definitions of the data. In fact, 61% of leaders report that manual processes slow down their projects.
• Organizations spend millions of dollars and cycles on "tools" only to manually generate performance-based information in Excel.
   

Top Reason for AI Analytics: Spreadsheets Lack Visibility 

Did you know that 62% of companies still rely on spreadsheets for their insights? This is concerning, as spreadsheets are extremely time-consuming and prone to human-error. In fact, a single error in a spreadsheet can have disastrous consequences, causing businesses to lose customers and opportunities. Yet, almost 90% of spreadsheets contain an error. 

Additionally, spreadsheets lack the ability to process large volumes of data, perform predictive analysis, or identify data patterns. This limits the insights businesses can gain from their data, making it harder to make informed decisions

According to BeTechly research, how to quicky gather, analyze, share and act on data was cited as top concern. This is further hampered by the use of spreadsheets. 

Second Reason for AI Analytics: Traditional Reporting is Backward-Looking

Research shows that only 32% of businesses can extract business value from their data. This is often because traditional reporting methods rely on historical data, producing reports that primarily offer insights into past events and trends. Such reports limit organizations' ability to make timely and proactive decisions based on real-time or future-oriented insights. This backward-looking approach also prevents companies from leveraging data to drive meaningful action and innovation.

Bringing in Data Analytics and AI 

The use of data analytics and AI helps businesses overcome challenges associated with manual analysis and reporting. According to a recent survey, over 50% of companies reported better financial performance after implementing data analytics.
 

Top Benefits of Analytics and AI Solutions

1. Better decision-making: By analyzing data in real-time, organizations can quickly identify and respond to trends and patterns. This can lead to reduced costs and increased revenue. Data-driven companies are 58% more likely to beat revenue goals than those that are not focused on data. 
2. Customer loyalty and retention: Analytics and AI can help businesses better understand their customers, enabling them to deliver more personalized and targeted experiences which can help increase customer loyalty. Businesses that rely on customer analytics are 9 times more likely to surpass those that don’t in customer loyalty. 
3. Streamline operations: Organizations can improve operations by analyzing supply chain data to better understand where delays and bottlenecks originated to help them in the future. In fact, 64% of organizations report improved efficiency and productivity as a result of analytics.
    

Get More Insights, For Free

If you’d like to learn more and discover how top-performing organizations are utilizing analytics and AI tools, then schedule a time to meet with a seasoned expert! They’ll assess your environment and provide key insights into how you can leverage analytics, as well as best practices for implementing top solutions with ease. Schedule your discussion today using the form at the bottom of this page to receive a treat after your appointment!