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 Rimini Street Dear Oracle Cloud…I need my own space Access results from a recent Rimini Street survey about why enterprises are rethinking their Oracle relationship and cloud strategy. By Tanya O'Hara Nov 28, 2023 5 mins Cloud Computing brandpost Sponsored by Rimini Street How to evolve IT systems into innovation engines Today’s IT leaders are more than eager to modernize with best-fit cloud solutions that drive innovation and rapid business impact, but they need to do so with ROI-based solutions. By Tanya O'Hara Nov 28, 2023 4 mins IT Leadership brandpost Sponsored by Palo Alto Networks x Accenture Making sense of zero trust - why a managed SASE solution is the ideal option for enterprises Security leaders are turning to SASE as their preferred network security solution amid a new era of cloud-powered businesses working from anywhere. By CIO Contributor Nov 28, 2023 4 mins Network Security feature 8 tips for unleashing the power of unstructured data For most organizations, data in the form of text, video, audio, and other formats is plentiful but remains untapped. Here’s how to unlock business value from this overlooked data trove. By Bob Violino Nov 28, 2023 10 mins Data Mining Data Science Data Management 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