The majority of senior decision-makers in the UK are overwhelmed by the volume of data their business creates, according to a new report from database management platform InterSystems.
Business leaders are tasked with using data to make informed decisions, but it appears that’s much easier said than done.
The report states there are “significant challenges” attached to to analysing incoming data. This process takes up to two weeks in most cases (41 percent), but more than a month for some organisations (16 percent).
InterSystems found larger companies produce more data and decision-makers are under even greater pressure.
For Saurav Gupta, Technical Engineer at Intersystems, the most pressing question is how to make use of data across silos.
“Organisations must rid themselves of silos and simplify things by taking one business outcome at a time,” Gupta says.
“From here, they can see how they can solve that outcome with data, as opposed to trying build the best data strategy without looking at how the outcomes are going to be achieved. This will also help when it comes to analysing data.”
The report also claims most organisations manage their data centrally, and use it predominantly to identify business challenges and needs. Some businesses also use data to better understand their customers and predict future trends.
“Previously to analyse data, businesses needed to move it all into a centralised database, however, because of the speed and scale available from data management platforms, businesses can keep their data where it is but still access it in real-time."
"This will enable them to speed up the decision-making process and derive more value from their data, use the insights to reduce risk or even to implement cost-savings,” added Gupta.