Whilst organisations are accumulating more data than ever before, many are failing to manage the information and losing revenue opportunities as a result.
That’s according to a new report from Oracle which surveyed 333 C-level executives from US and Canadian enterprises and found 94% of respondents are collecting and managing 86% more business data than two years ago.
According to the findings, the biggest data growth areas are coming from customer information (48%), operations (34%) and sales and marketing (33%).
However, Oracle found that executives are not prepared to handle the influx of data, with 29% grading their organisation a ‘D’ or ‘F’ in preparedness to manage the data deluge. Additionally, 93% believe their organisation is losing an average of 14% of revenue opportunities by not being able to fully leverage the information they collect.
Over a third of respondents (38%) claimed this is due to not having the right systems in place to gather the information they need or for being unable to give their business managers access to pertinent information and needing to the rely on IT (36%).
Looking forward, the survey showed 97% of respondents admitted their organisation must improve information optimisation over the next two years.
Rod Johnson, VP of industry strategy at Oracle, said: “This study shows that up to 14% of a company’s revenue is lost because enterprises are challenged to manage and analyse data, which grows exponentially as we speak.
“Right now, enterprises have the unique opportunity to get ahead of the game by using these challenges as catalysts for company-wide strategic change. Through industry-specific applications and other software and systems, enterprises can transform data into measurable business benefits.”