Enterprises using inaccurate data to make business decisions

According to a new study of 750 business and tech leaders, 58 percent say key business decisions are based on inaccurate or inconsistent data most of the time, if not always.

The research from IT consulting and digital services provider SoftServe shows the majority don’t understand the value of their data with 65 percent of all respondents believing no one at their organization understands all the data collected and how to access it.

Consequently, many think it's time to hit refresh on their data strategy as 73 percent report that major updates or a complete overhaul is needed, and nearly all (98 percent) believe an updated data strategy would be required for strategic initiatives like Gen AI.

For 60 percent of decision-makers getting access to data when they need it is a challenge. And it's one that may not be easy to fix, as the majority (51 percent) of the 58 percent whose organization makes most or all decisions using inaccurate or inconsistent data now believe a significant increase in data management investment is needed to meet their goals.

In addition 73 percent) believe poor prioritization has diverted needed funds and talent away from valuable data projects to broad Gen AI initiatives with weaker ROI.

"An impactful data strategy is not about perfection, but prioritization," says Rodion Myronov, AVP of technology at SoftServe. "It's about gaining maturity where it matters most for your business by prioritizing the missing piece of the whole data puzzle, not tossing it aside for the next shiny new toy. Establishing a mature data strategy helps reinforce organizational foundations, so you can pursue bigger and better puzzles and projects in the future."

On a positive note strong data management has allowed organizations to open new revenue streams (44 percent) or monetize their data (38 percent) with the right infrastructure and governance to transform information into a vital source of income. Organizations also attribute increases in productivity and efficiency (54 percent), as well as improved decision-making and forecasting abilities (49 percent), to having strong data foundations. 85 percent of respondents are preparing to slightly or significantly increase their data budget and 42 percent of those with a fully mature data strategy expect to significantly increase their overall data investments.

You can read more on the SoftServe blog.

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