Over 80 percent of companies are relying on stale data to make decisions

financial data exchange

Despite the fact that the world has become increasingly data-driven, a new global study shows that organizations increasingly face problems getting the right data in the right place for making critical business decisions.

The research, conducted by Dimensional Research for data integration specialist Fivetran, finds that 82 percent of companies are making decisions based on stale information.

This is leading to wrong decisions and lost revenue according to 85 percent. In addition 86 percent of respondents say their business needs access to real-time ERP data to make smart business decisions, yet only 23 percent have systems in place to make that possible. And almost all (99 percent) say they are struggling to gain consistent access to information stored in their ERP systems.

Overall 65 percent of respondents say access to ERP data is difficult and 78 percent think software vendors intentionally make it so. Those surveyed say poor access to ERP data directly impacts their business with slowed operations, bad decision-making and lost revenue.

"If companies are going to truly be data driven, they cannot base decisions on only a fraction of the information or out-of-date business data," says George Fraser, CEO at Fivetran. "Success with data requires looking at the freshest, most complete dataset possible. Winning companies are the ones that are nimble enough to access the most current data and immediately put it to work."

You can read more on the Fivetran blog and there's an infographic summary of the findings below.

Image credit: realinemedia/depositphotos.com

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