Only 23 per cent of UK decision-makers closely align business strategy and company data, a new study commissioned by Rosslyn Analytics has shown.
The research revealed that less than half (44 per cent) of business leaders believe data is a strategic asset.
The number of data sources and types was identified as the biggest barrier to using data effectively by 43 per cent of respondents. This was followed by poor quality data.
Just 40 per cent of respondents believed their company effectively uses internal data to gain a competitive advantage.
Meanwhile, ‘product data’ was considered the most valuable by business leaders, followed by ‘customer data’, ‘financial data’ and ‘spend data’.
Charlie Clark, CEO at 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.”
