UK firms are missing out on insight as CEOs and data managers fail to understand each other, a new study has shown.
The study, conducted by storage and information management company Iron Mountain, shows a lack of understanding between those who manage and those who use information.
The study found that 89 per cent of UK business leaders don’t fully understand what their information managers do. In return, 56 per cent of UK records and information managers admit they don’t know exactly what senior business leaders want and need from information – with 66 per cent confused about the information needs of colleagues in marketing, manufacturing, finance and other departments.
The study shows just ten per cent of the business leaders surveyed had complete confidence in their organisation’s ability to extract the full value from its information.
These trends and their impact are echoed elsewhere, with one global study finding that just 27 per cent of firms say their employees have access to the data they need, and 42 per cent admit that access to their data is cumbersome.
“In today’s knowledge-driven world our study has revealed an unexpected obstacle on the road towards return on information,” said Sue Trombley, Director of Professional Services at Iron Mountain. “This must be addressed as a matter of urgency if organisations are to have any chance of extracting the full value from their data.
“The good news is that the study also found that 88 per cent of records and information managers have confidence in their ability to help businesses maximise the value of their information. This suggests that the gap is created by a lack of understanding and poor communication rather than inability to deliver. Business leaders need to better understand what records and information managers can contribute; at the same time information professionals need to align more closely with business needs.”