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Businesses struggling to extract insight from sea of data

(Image credit: Image Credit: Shutterstock/Sergey Nivens)

The majority of data experts (68 percent) are unable to use the wealth of data at their fingertips to draw meaningful insights, a new report from the analytics database company Exasol suggests.

In other words, businesses are struggling to develop into the data-driven organisations they’re striving to become in order to survive in an increasingly competitive environment.

The report also claims the nature of current IT infrastructure makes it difficult to democratise data for 80 percent of data decision makers.

Almost all respondents are looking to cloud technology to solve this problem, and roughly three quarters said moving data workloads to the cloud brought about positive change. Of those, half said cloud improved both ease of access and data shareability, as well as faster query response times.

“Many businesses are only scratching the surface of what’s possible with their data. Any organisation with an infrastructure that slows down data access for its teams has a fundamental problem," said Mathias Golombek, CTO at Exasol.

"You can’t be a data-driven business if your teams can’t work with the data, or if it takes them too long to find what they need,” he added.

The report concludes senior management often lacks the necessary understanding of data strategies, and is therefore resistant to adopting data-driven methods.

As root causes of these problems, the report pinpoints how many organisations have a “disjointed” approach to data strategy, culture, IT infrastructure and cloud migration.