Companies are now defined by the data they keep and analyze. A survey by the Economist Intelligence Unit found that executives are desperate to refine their decision-making strategies. Companies using information as a guide in important business cases could rise or fall on the quality of their information.
According to the report, data is now an important component of a majority of businesses. When asked if they consider their companies "data driven," two-thirds of executives answered in the affirmative. Decisions based on intuition have fallen into disrepute - 54 percent of respondents told researchers they now doubt choices with no basis in data.
The survey identified
data quality as one of the pressing problems that companies now face as they adapt their business models. Two-thirds of respondents stated that the fight against bad and inconsistent figures is a daily occurrence. Executives also expressed a desire to use data quickly, soon after its capture.
Analytics industry insider John Crupi, writing for ZDNet, stated that he can see companies in future adding advanced analytics processes to handle specific business cases. The need for information-based decisions in a number of departments and with a variety of data sets will, in his view, act as an impetus for executives to add additional systems.