Exasol Research Finds 58 Percent of Organizations Make Decisions Based on Outdated Data
Data decisions report from Exasol finds average data queries take too long to run, yet organizations need daily data insights to make informed business decisions.
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New research shows that 58 percent of organizations make decisions based on outdated data. The finding comes from a report commissioned by Exasol, the high-performance analytics database. The report reveals that 84 percent of organizations are under increasing pressure to make faster decisions as a result of the COVID-19 pandemic, yet 58 percent of organizations lack access to real-time insights.
The report further reveals that 63 percent of respondents confirm that daily insights are needed to make informed business decisions, but these are hampered by long query run times. 75 percent of respondents have to wait between two hours and a full day for a query to come back, and only 15 percent of respondents’ query run times are between 15 and 60 minutes. More than half (56 percent) believe they can’t make informed decisions based on their organization’s data.
Exasol’s report is based on a global survey of 2,500 data decision makers and reveals ample pessimism among data and IT professionals regarding the extent to which current infrastructure setups can power a crisis recovery. According to the research:
- More than half (51 percent) believe their organization’s data infrastructure will need improvements in order to help them recover from macro or micro economic challenges.
- The top areas highlighted for performance improvement include data literacy (84 percent), data infrastructure (55 percent), and data quality (33 percent). However, 85 percent report action being taken to improve literacy across the business, an encouraging sign.
- Of the 36 percent of organizations that have increased the size of their decision-making teams during the COVID-19 pandemic to compensate for long time-to-insight, 86 percent have experienced an increase in decision-making speed.
- More than two-thirds of respondents (69 percent) reported receiving a higher number of data analytics requests from both multiple business departments and their end users in recent months.
Going forward, 45 percent of respondents agreed that demand for data analytics will continue to rise. Although most of these requests are expected to come from marketing, operations, and sales, demand from all areas is expected to increase, adding to the urgency for organizations to review their data-driven decision-making capabilities.
To download a complimentary copy of the report, “Accelerating data-driven decision making: 5 ways to turn crisis-mode into business as usual,” visit: https://direc.to/e_V4.