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86% of executives think that their company needs more data, according to the results of a survey conducted by ICRON, a leading provider of Optimized Decision Making and Supply Chain Optimization software solutions. The survey, which was completed by 165 executives at the IoT EurAsia 2018 event held in Istanbul last month, revealed that only 14% of executives are satisfied with the amount of data that their company collects through various sources including back-office systems and IoT devices.
Interestingly, however, respondents said that 22% of the data that their company collects is unnecessary data and only 50% reported that they can actually measure the cost of their data. Furthermore, the survey showed that only 48% of companies can measure the impact of missing data on their decisions and bottom-line results.
Alfred den Besten, ICRON’s Chief Marketing Officer, said: “ The results of our survey show that companies have a complex relationship with data. On the one hand, most executives want more data as they believe that data has business value. On the other hand, these same executives think that a significant portion of their data is unnecessary, and around half of them are not able to accurately assess the cost of their data or measure the impact of missing data on their decisions and bottom-line results. So, in sum, executives want more data and are most likely willing to invest in systems to enhance and expand data collection – even though a large percentage of the data they currently collect is considered unnecessary and they don’t even have a handle on their data costs.”
“ When it comes to data, more is not necessarily better,” den Besten added, “ It’s the quality, rather than the quantity, of the data that’s important. To be able to utilize data to unlock real business value, companies must be able to, first of all, ensure the accuracy of the data they collect, and then be capable of processing that data to make optimal calculations and projections and utilizing that data to make optimized decisions that improve their efficiency and profitability. An algorithm-based optimized decision making solution like ICRON gives companies the ability harness the true power of their data and use it to make the best possible business decisions.”
