Ever since the Covid-19 pandemic kicked off, businesses' reliance on data has grown substantially. However, the pandemic has also highlighted that data can often be inconclusive, misunderstood and abused.
This is according to a new report from Teradata, which concludes that business hunger for data won’t go away any time soon, but that they will have to put in extra effort in order to make good use of it.
Based on a poll of IT decision makers across the globe, the report states that the vast majority of businesses (82 percent) are speeding up the process of shifting data and key business functions to the cloud. Almost all (90 percent) said there had been “greater realization” of the increasing importance of data in the decision-making process since the lockdown began.
However, the pandemic has also served to highlight the limitations of data. More than three quarters (77 percent) of IT decision makers said data accuracy was under greater scrutiny, mostly because of the way it was used in relation to the Covid-19 pandemic.
The majority of respondents have also had their trust in data challenged due to the way it has been used during the pandemic and, as a result, nearly half said their decision-making process is being hampered.
“Covid-19 has completely upended the roadmaps of businesses across every industry, forcing leaders to re-evaluate how they view, use and maximize data to pivot and re-establish the path forward,” said Steve McMillan, President and CEO of Teradata.
“The companies that will survive – and ultimately thrive – will be the ones that realize data is a key asset for recovery and a competitive advantage to drive the future of their business.”