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Many businesses lack confidence in data insights

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(Image credit: Shutterstock / carlos castilla)

Managers are investing in new technologies in order to boost their organization’s agility and flexibility, a new report from the Harvard Business Review and cost management company Apptio suggests.

However, without understanding the business value of their technology investment, as well as having a shortage of timely data in general, companies are faced with major challenges.

According to the report, business leaders are under the impression they don’t have the right information to help make better choices. Of the 338 leaders polled for the report, 92 percent said insights on how tech contributes to business value are essential to them, but just 62 percent had confidence in that data.

More than half of data on spending is outdated, the report further claimed, saying 55 percent of firms were unable to make timely decisions on IT spending. 

Looking at the top investment goals, most revolve around the automation of business and manufacturing processes, as well as reducing the overall operations costs and improving productivity. Furthermore, business leaders are interested in developing and enhancing new business models, expanding their customer base, and entering new markets.

The pandemic has prompted most business leaders (82 percent) to increase their investment in digital initiatives, with 62 percent adding money to their technology budgets to fund them, the report concluded.