A study by IT consulting and digital services provider SoftServe finds that 65% of leaders in the Asia Pacific region say key business decisions are based on inaccurate or inconsistent data, most of the time, if not always.
Further, 77% of all APAC respondents believe no one in their organisation understands all the data collected and how to access it.
Wells Vaughan, SoftServe's APAC chief technology officer, said, "Business leaders need to ensure they are not pursuing technology innovation at the expense of a mature, agile data foundation, which will help them maximise return on investments for emerging technology projects and provide them with a competitive edge."
Data strategy overhaul
The study also found that most (78%) report that their data strategy needs major updates or a complete overhaul.
Leaders not fully understanding how data can generate value can negatively impact an organisation's investment priorities, said 69% of C-suite and 66% of VPs and directors
C-suite leaders struggle with varied tech solutions used throughout their organisation (58%) and non-consolidated data ownership (44%) while improving their data strategy.
Data management
The respondents reported that strong data management has allowed organisations to open new revenue streams (43%) and monetise their data (35%).
Strong data foundations have significantly increased productivity and efficiency (55%) and improved decision-making and forecasting abilities (43%).
An overwhelming 92% of respondents are preparing to either slightly or significantly increase their data budget, underscoring the urgency and importance of investing in data management. Furthermore, 51% of those with a fully mature data strategy expect to improve their overall data investments significantly.
This study, commissioned by SoftServe and conducted by Wakefield Research, drew insights from 750 business or technology leaders surveyed across eight countries; 250 respondents were from the APAC region.
