Only 23% of UK decision-makers closely align business strategy to data already held by their organisation, according to new research commissioned by Rosslyn Analytics.
Research reveals that less than half (44%) of business leaders thought that data was considered a strategic asset, suggesting there is still some way to go for the importance of data to achieve widespread recognition.
Charlie Clark, CEO, Rosslyn Analytics, said: "It’s shocking that most organisations continue to make decisions without data."
"Rosslyn Analytics believes business leaders need to renew their efforts and focus on improving the accessibility and quality of data required to make informed decisions that are aligned to business objectives. In today’s age of intelligent, self-service data technologies, there is no excuse for data not to be in the hands of decision-makers."
43% of those surveyed cited barriers to using data being that data was from too many sources and of different types. The poor quality of data was revealed as the second biggest challenge to data being used with the organisation. Additionally, only 40% believed that their organisation is effectively exploiting its internal data to gain a competitive advantage.
Those surveyed stated, "product data" as being the most valuable, whilst "customer data" was rated as the second most valuable, with "financial data" third and "spend data" fourth most valuable. "Employee data" was seen as the least valuable.
When asked to rate what type of data was most valuable to the organisation, "product data" was considered, on average, the most valuable.
"Our research shows that only 30% of business leaders explore data with a set question." Clark continues. "Understanding data is key to achieving data-business alignment, where data not only informs business strategy but the business strategy also dictates the type of data owned by the organisation."
Working with an independent research consultancy OnePoll, Rosslyn Analytics surveyed 600 UK based business decision makers.