Collaborative Decision Making is Key in Gaining Value from Data
Collaborative Decision Making is Key in Gaining Value from Data : According to a survey by SAP and Business Application Research Center World- Information Culture: Leveraging Collective Insight in the Connected Enterprise, leading companies base their decision-making on data rather than “gut-feel ”. Each day, businesses generate so much data that a large portion of it ends up stowed away to be ignored or forgotten in data warehouses and silos. According to the Information Culture study, 62 percent of organizations use less than half of their available data for decision-making. Companies that create an information culture by driving collective insight, based upon trusted, governed data discovery and collaborative decision-making, are more likely to treat information as an asset and use it to identify new business opportunities, predict future trends and behavior and generate revenue. The study captured the opinions of 743 people with both business and IT backgrounds from a wide range of industries worldwide on the topic of information culture in companies.
More than half (58 percent) of respondents say their companies base at least half of their regular business decisions on gut feel or experience rather than on data and information.
Less than 50 percent of respondents agree that information is highly valued for decision-making or treated as an asset in their organization today, but two-thirds believe it will be in the future.
Only one-third of companies currently use information to identify new business opportunities and predict future trends and behavior, but most of the remaining two-thirds plan to do so in the future.
An overwhelming 78 percent of respondents in laggard companies — those that believe they do not utilize their data as well as rivals — said collaborative decision-making is the key to unlocking the value of data in their organization and turning that data into a competitive advantage.
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