58% of organizations make decisions based on outdated data. This is the finding of a new report from analytics firm Exasol, based on a global survey of 2,500 decision makers.
The report reveals that 84% of organizations are under increasing pressure to make faster decisions as a result of the COVID-19 pandemic, yet 58% of organizations lack access to real-time insights.
The report further says that 63% of respondents confirm that daily insights are needed to make informed business decisions, but these are hampered by long query run times.
75% of respondents have to wait between 2 hours and a full day for a query to come back, and only 15% of respondents’ query run times are between 15 and 60 minutes. More than half (56%) believe they can’t make informed decisions based on their organization’s data.
According to the research, the top areas highlighted for performance improvement include data literacy (84%), data infrastructure (55%) and data quality (33%).
“As a healthcare, retail, or financial services business you cannot afford to make decisions based on yesterday’s data,” said Rishi Diwan, chief product officer (CPO) of Exasol.
“If the pandemic has made one thing clear it’s that business conditions can turn on a dime, yet 6 in 10 businesses find themselves saddled with decision-making infrastructure that is just not responsive enough.”
45% of respondents agreed that demand for data analytics will continue to rise. While the bulk of these requests is expected to come from marketing, operations and sales, demand from all areas is expected to increase, adding to the urgency for organizations to review their data-driven decision-making capabilities.