Asian Decision Makers Fail To Use Data Despite Saying Otherwise
- By CDOTrends editors
- May 01, 2023
Studies show the need to become data-driven. Yet, a recent study highlighted a critical issue among businesses in the Asia Pacific & Japan (APJ) region regarding data: many decision-makers are not utilizing it effectively.
Data has emerged as a critical driver of strategic decisions and growth in today's fast-paced business landscape. In the highlighted Salesforce report, most APJ region companies acknowledge data's crucial role in decision-making. 81% of business leaders stated that data is vital to their organization.
However, there is an apparent disconnect between recognizing the importance of data and effectively utilizing it in practice. 69% of business leaders do not use data for pricing decisions, and only 30% rely on data when entering new markets.
The underutilization of data also extends to areas like diversity and inclusion policies and climate targets. A staggering 77% of business leaders fail to use data in formulating diversity and inclusion strategies, while only 18% leverage data to set climate goals. This underscores the massive untapped potential of data in driving better business outcomes.
The primary obstacles hindering the effective use of data include its complexity, inaccessibility, and the sheer volume of information available. About 41% of business leaders cite a lack of understanding due to data complexity, 36% struggle to generate insights from data, and 29% feel overwhelmed by the amount of data. To bridge this gap, 74% of companies in the APJ region plan to invest in employee data skills development and training.
“Good decisions start with data. As inflation and growing challenges in the external environment cast a dark shadow over markets, our research has shown how data-driven companies are in a better position to drive smarter, faster decisions to solve today’s most pressing challenges,” said JY Pook, senior vice president and general manager for Asia Pacific at Tableau in Salesforce.
By equipping employees with data literacy skills and fostering a data-driven culture, businesses can unlock new opportunities and improve their resilience during economic turbulence. Decision-makers must recognize the value of data and take proactive steps to ensure that their workforce is well-equipped to leverage data for better business outcomes.
“Business leaders already acknowledge that data provides critical business advantages, and they need to match this with action for a data-driven culture to permeate. The onus is on leaders to operationalize company-wide data skills training across every role and rank to build a knowledgeable workforce that can uncover new opportunities while ensuring the business’s competitive advantage,” Pook added.
Image credit: iStockphoto/Macrovector