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Many businesses still don't know if they can trust their data

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

Multiple problems plaguing data analysts in medium and large organizations are making IT decision makers lose trust in their data. As a result, calls are often made based on gut feeling rather than data-backed insights, causing firms to miss out on revenue opportunities.

This is according to a new report from SnapLogic, based on a poll of 500 ITDMs in the UK and the US, which states that more than three quarters (77 percent) of the respondents don’t trust their data for timely decision-making. 

A significant majority (82 percent) consider data a valuable asset, and almost all (98 percent) are analyzing it weekly. But it often comes in the wrong format (84 percent) and poor quality means entire analytics projects frequently need to be reworked.

The results of these issues are significant: three quarters of respondents (76 percent) reported missing revenue opportunities and suffering a negative impact on customer engagement and satisfaction (72 percent). More than two thirds (68 percent), meanwhile, believe they are slower to react to the changes in the market than their competitors.

Almost two thirds (64 percent) of ITDMs believe a lack of trust in data is causing their organization to move too cautiously, leading to missed opportunities.

Despite all of this, most businesses (54 percent) still stubbornly use the same data, risking making flawed decisions and maybe even hurting their long-term goals, the report further states.

In order to rebuild trust in data and analytics, businesses must improve the easy and speed of access to quality, decision-ready data, it was said. The best way to go about this, according to the report, is to improve data cleaning and standardization practices, modernize the infrastructure and integrate various data silos.