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Majority of businesses make decisions based on outdated data

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The majority of businesses are making important decision based on outdated information due to slow and cumbersome systems. This is according to a new report from analytics firm Exasol, based on a worldwide poll of 2,500 decision makers.

The report states that, while almost two thirds require daily insights (opens in new tab) to make business calls, three quarters (75 percent) have to wait between two hours and a full day for an information query to be returned.

With just 15 percent receiving query results within an hour, most decision-makers believe they aren't equipped to make calls in real-time based on hard data.

According to Exasol, leaders would first and foremost like to see an improvement in data literacy within their organization, followed by enhanced data infrastructure and quality.

“As a healthcare, retail, or financial services business you cannot afford to make decisions based on yesterday’s data,” said Rishi Diwan, Chief Product Officer (CPO) at Exasol.

“If the pandemic has made one thing clear it’s that business conditions can turn on a dime, yet 6 in 10 businesses find themselves saddled with decision-making infrastructure that is just not responsive enough.”

Respondents expect demand for data analytics (opens in new tab) to continue to grow in the coming years, with the most significant pressure stemming from marketing, operations and sales.

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.