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Many companies still aren't making the best decisions using their data

data woman
(Image credit: Future)

Many organizations are still not making the best data-driven decisions, due to complexities in the way it's stored and analyzed, according to a new report from software companies Starburst and Red Hat.

The report states that analytics workloads and demands increased significantly during the pandemic, which has made data access even more critical for the majority of enterprises.

However, with the average organization using at least five distinct data storage platforms, many firms (37 percent) aren’t confident in their ability to access timely, relevant data for decision-making.

Developing a data pipeline (opens in new tab) is also considered time-intensive, taking more than a day to build (and in some cases up to two months). This is particularly problematic, the report claims, because “every second between querying data and gaining insight counts”.

Today’s enterprises have “significantly less time” to gain insight on their data before it’s outdated, the report states. Viability of business decisions comes down to a matter of milliseconds (according to 17 percent of respondents), with 39 percent of business decisions requiring latency of one second or less.

“Organizations have clear demands for faster and more comprehensive data access, but technical challenges still exist,” said Justin Borgman, CEO of Starburst. “It’s imperative that companies overcome these challenges because their customer experience, competitive advantage and growth depend on it.”

To overcome these challenges, the report states, businesses are turning towards multi-cloud flexibility, automation and modern analytical capabilities (opens in new tab).

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.