29 April,2023 05:38 PM IST | New Delhi | IANS
While companies agree about the advantages of using data, there`s a clear disconnect from how they`re actually using it in practice. Picture Courtesy: iStock
A new report released on Friday showed that about 8 in 10 (or 80 per cent) business leaders in India believe that data plays a critical role in decision-making at their organisation,
According to enterprise software company Salesforce, about 78 per cent of Indian business leaders agree that data helps reduce uncertainty and make more accurate decisions in business conversations.
The survey includes more than 1,000 Indian business leaders.
"Businesses need to truly become data-driven, starting at the top in order to uncover opportunities to grow, while finding operational and cost efficiencies. Today, leaders acknowledge that data drives business direction but actual utilization of data by Indian businesses is low as there are still barriers to standing in the way of data-led business conversations," said Anjali Amar, Regional Vice President - Tableau at Salesforce India.
While companies agree about the advantages of using data, there's a clear disconnect from how they're actually using it in practice, the report said.
Two-thirds (or 66 per cent) of business leaders are not using data to decide on pricing in line with economic conditions, such as inflation.
Only 35 per cent are using data to inform their strategy when launching in new markets.
Moreover, the report mentioned that there are also missed opportunities for companies to use their data to drive company values.
Almost 7 in 10 (or 69 per cent) business leaders are not using data to inform their organisation's diversity and inclusion policies.
Only 23 per cent of business leaders are using data to help guide their climate targets.
The report also stated that when integrated and leveraged correctly, data has huge potential to build efficiency and trust among both customers and employees.
About 79 per cent of business leaders think data keeps people focused on the things that matter and that are relevant to the business, while, 76 per cent think that data helps minimise the influence of personal opinions or egos in a business conversation.
Nearly 85 per cent of companies are planning to continue or increase spending on data skills development and training for employees, according to the report.
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