What do we want? Data! What shall we do with it? Ermmm...

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A new global survey of nearly 10,000 business leaders shows 80 percent say data is crucial to decision making in their organization.

However, the study from Salesforce also shows that a third lack the ability to generate insights from data, only 29 percent are using data to inform their strategy when launching in new markets, and 67 percent are not using data to decide on pricing in line with economic conditions, such as inflation.

There are other missed opportunities too. 79 percent of business leaders are not using data to inform their organization's diversity and inclusion policies, and only 17 percent are using data to help guide their climate targets.

Business leaders report being paralyzed by the influx of data, their knowledge of how to best operationalize it, and how to use it to invest strategically for the future. 41 percent cite a lack of understanding of data because it's too complex or not accessible enough. 33 percent cite a lack of ability to generate insights from data, and 30 percent are overwhelmed by the amount of data, which is expected to more than double in size by 2026.

Juan Perez, chief information officer at Salesforce says:

Business leaders are experiencing one of the toughest economic markets of our time, but they have an untapped advantage for better decision-making: their data.

The secret to driving true insights is marrying data with analytics. A combination of data, analytics, and the necessary data skills enables companies to maximize their technology investments and uncover opportunities that drive business strategy and strengthen customer trust.

In order to address their concerns, 73 percent of companies say they are planning to continue or increase spending on data skills development and training for employees.

You can read more on the Salesforce site.

Image Credit: aslysun / Shutterstock

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