Most senior decision-makers at UK businesses believe their organisations waste time planning data collection - and are therefore too slow to make crucial business decisions.
This is according to a new report from InterSystems, which states that 53 percent of business spend time deciding how to best analyse and interpret data, while 52 percent expend energy devising methods to collect it.
For Saurav Gupta, Technical Engineer at InterSystems, sinking resources into data planing can prove counterproductive, as analysis takes most organisations up to two weeks, by which point the data is “likely to be outdated”.
“Businesses are generating a wealth of data to get to know their customer better, for the decision-making process, for identifying business challenges and needs, and for trend prediction," he said.
"By being able to access and analyse this information quicker, it will be possible for businesses to vastly improve their operations."
InterSystems argues businesses could benefit greatly from the use of artificial intelligence (AI) and machine learning (ML) as a means of accelerating the data analysis process.
“The speed and scale offered by data management technologies that use AI and ML mean businesses can run real-time machine learning algorithms and try to determine the best outcome for their customer,” said Gupta.