A majority of business leaders in enterprises worldwide are unable to use data to make strategic business decisions, according to Salesforce’s Untapped Data Research survey. Credit: iStock/gorodenkoff Enterprises worldwide are not tapping the potential of their data when making critical business decisions and navigating uncertain macroeconomic conditions, according to a Salesforce survey. Nearly 67% of 10,000 business leaders polled globally are not using data to set pricing in line with economic conditions such as inflation, according to the Untapped Data Research survey. Only 29% of these leaders are using data to set strategy when launching products or services in new markets, and just 17% are using data to achieve their climate goals, according to the survey. Just 21% of the survey respondents said they are using data to make decisions about their company’s diversity goals. The lack of data utilization is happening even though 80% of the leaders said that data is critical to decision making and 73% said that data reduces uncertainties. The business leaders who were polled also believe that data can help generate more efficiency and trust in their organizations if leveraged correctly, according to the survey. Nearly 72% of these leaders said that data keeps people focused on the things that matter and that are relevant to the business. In addition, more than 66% of the executives surveyed said that they think data can help minimize the influence of personal opinions or egos in a business conversation. Data deluge sparks operational challenges The volume of data generated and the lack of knowledge to operationalize or utilize it in the most effective way are impediments to tapping the potential of enterprises’ data reserves, according to survey respondents. “While 80% of business leaders say data is critical in decision-making, 41% cite a lack of understanding of data because it is too complex or not accessible enough. What’s more, one-third of leaders said they lack the ability to generate insights from data,” Francois Ajenstat, chief product officer at Tableau, wrote in a blog post. Salesforce acquired visual analytics software provider Tableau in August 2019. In addition to the impediments cited by Ajenstat, the volume of data generated globally is expected to more than double by 2026, adding to more complexities for enterprises, according to the study. Investing in data literacy skills could be the solution Enterprise leadership teams can work to eliminate these impediments by investing in data literacy programs for employees and weaving a data culture into the fabric of the enterprise, according to Ajenstat. “If a company doesn’t yet have a data culture, then they need to invest in platforms that allow them to turn repeatable processes into core capabilities,” Ajenstat said, adding that data literacy programs should be offered to all employees. The proliferation of generative AI and natural language processing will break down learning barriers for employees, Ajenstat said. “These innovations are giving non-data people the confidence to make an informed decision and act on it,” Ajenstat wrote. Related content brandpost Sponsored by Palo Alto Networks Web browsers: Reimagining remote work needs at the enterprise level What sets enterprise browsers apart? They are designed from the ground up as a security product with productivity in mind. Learn more today. By Ofer Ben-Noon, SASE CTO, Palo Alto Networks Apr 19, 2024 4 mins Cloud Computing feature How Southwest’s CIO modernized the airline through turbulence Thrown into the deep end as CIO, Lauren Woods drew on her transformation experience and a leadership style rooted in authenticity and courage to help get the airline back on course. By Sarah K. White Apr 19, 2024 9 mins Travel and Hospitality Industry Digital Transformation IT Leadership case study Travelex leverages cloud-based customer data platform to boost retention International prepaid travel cards are a great resource for travellers that offer improved safety and locked-in rates, and make it easier to calculate foreign currencies. Here, Hans van der Waal, Travelex’s global IT director, explains how the By Joanne Carew Apr 19, 2024 4 mins CIO Travel and Hospitality Industry ICT Partners news analysis Generative AI gold rush drives IT spending — with payoff in question Worldwide IT spending should grow by 8% this year, with AI hype and COVID-era device replacements helping to push the spending numbers up, Gartner predicts. By Grant Gross Apr 19, 2024 5 mins Generative AI Budgeting PODCASTS VIDEOS RESOURCES EVENTS SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe