What Do Executives Hate Most About Business Data? New Report By Domo And BusinessIntelligence.com Reveals The Truth
Big Data is a leading source of frustration for CEOs and business leaders
SILICON SLOPES, Utah– September 25, 2013 – Data is critical to good decision making, but it’s also a serious headache for the business executives who must make sense of an ever-growing and ever-changing sea of information, according to a thought-provoking new study by Domo and BusinessIntelligence.com.
Domo and BusinessIntelligence.com surveyed more than 300 business leaders, including 197 CEOs and company heads, to understand their biggest data-related frustrations and what they would like to do differently. The survey revealed that business professionals think their organizations lack good tools for data-driven decision-making, and that they are hampered by an inability to access timely, relevant information.
Across the board, executives said they want reports more frequently than they’re getting them. Yet, 70% of survey respondents revealed that they still lack real-time access to their most important information.
The study, What Business Leaders Hate About Big Data, found that only one fourth of CEOs say their reports contain the information they need, and just 13% of business leaders say their reports are reliably up to date. What’s more, only 7% of executives say their reports can accommodate their organization’s growing volume of data, and just 9% believe their reports present a single version of the truth.
“I have too much information, not enough facts,” said one CEO. “There’s no way to drill down to see the details of where issues are,” said another. “I can’t get [data] myself and I can’t manipulate it,” said a third. These Big Data pain-points were echoed by multiple survey participants.
The report also discovered that the most common data frustrations among business leaders are concentrated in three areas:
- How data is delivered: 74% of business leaders still get their data from multiple, unconnected sources, even though more than 50% would prefer to get their data from an integrated dashboard.
- When and where data can be accessed: 72% of business leaders said they can’t easily access data on their mobile devices, even though mobile business intelligence has been proven to help business leaders make better decisions, according to the Aberdeen Group.
- Limited interaction: Only 8% of CEOs are confident that their reports facilitate collaboration, even though data from a Forbes Insight study suggests that employees who use collaboration tools are up to 62% more productive and accomplish work 57% faster.
“Data has huge inherent value, but it is failing to serve business leaders, in part because it is inaccessible and doesn’t have proper context,” explained Josh James, founder and CEO of Domo. “The first step in getting more value from the data that already exists is recognizing the barriers and frustrations of end users. With that knowledge, it’s easier to validate changes that will be made, and much easier to find a solution that allows data to help your business, not hurt it.”
To view the entire report, visit http://businessintelligence.com/bi-reports/what-business-leaders-hate-about-big-data/.
Domo is a cloud-based executive management platform that gives users direct, real-time access to all the business information they care about, all in one place.
With $125 million in funding, Domo is backed by an all-star list of angels and investors including Benchmark, IVP, GGV Capital, Greylock Partners, Founders Fund, Hummer Winblad, WPP, plus CEOs of the world’s largest of SaaS and Internet businesses.
Domo’s founding team consists of some of the most sought after talent in the industry with experience that includes Amazon, American Express, Ancestry.com, eBay, Endeca, Facebook, Google, LinkedIn, MLB.com, Omniture, salesforce.com and SAP.
BusinessIntelligence.com is an online hub for news, insights and resources specific to the business intelligence (BI) market. The new site is designed to give business leaders and BI decision makers one destination for the latest information on new technologies, trends and best practices from across the industry.
# # #
VP of Communications