Each day, businesses generate so much data that a large portion of it ends up stowed away to be ignored or forgotten in data warehouses and silos. According to the Information Culture study, 62 percent of organizations use less than half of their available data for decision-making. Companies that create an information culture by driving collective insight, based upon trusted, governed data discovery and collaborative decision-making, are more likely to treat information as an asset and use it to identify new business opportunities, predict future trends and behavior and generate revenue.
The study captured the opinions of 743 people with both business and IT backgrounds from a wide range of industries worldwide on the topic of information culture in companies. The study showed that despite having the best technology, a company culture can inhibit information from being treated as an asset and a valuable resource. Other notable findings include:
More than half (58 percent) of respondents say their companies base at least half of their regular business decisions on gut feel or experience rather than on data and information.
Less than 50 percent of respondents agree that information is highly valued for decision-making or treated as an asset in their organization today, but two-thirds believe it will be in the future.
Only one-third of companies currently use information to identify new business opportunities and predict future trends and behavior, but most of the remaining two-thirds plan to do so in the future.
An overwhelming 78 percent of respondents in laggard companies — those that believe they do not utilize their data as well as rivals — said collaborative decision-making is the key to unlocking the value of data in their organization and turning that data into a competitive advantage.
“Our study shows that companies understand the value of information,” said Dr. Carsten Bange, founder and CEO, BARC. “But in order to unlock the full potential of their data, they need to address and improve data quality, increase the speed at which information is made available, raise awareness of business intelligence at senior management levels and foster a collaborative style of decision-making.”
“The best performing companies leverage the power of collective insight by collaborating across the enterprise and using trusted data-discovery tools to nurture an information culture,” said James Fisher, vice president, Product Marketing, Analytics and Mobile Solutions, SAP. “Analytics solutions from SAP can help businesses achieve their decision-making goals by extracting meaning from data that can help drive real growth. By putting leading analytics solutions into the hands of users, we connect them to their data in a truly agile way, maximizing value through shared insight which drives collaboration. By getting away from the silos of data management, we enable greater trust, governance and scale across the decision-making enterprise.”
To enable an information culture driven by collective insight, SAP offers enterprise business intelligence, agile visualizations through SAP Lumira® software and advanced predictive analytics. The free personal edition of SAP Lumira is available for download here.
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