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72% of business decisions are impacted by data, according to the results of a survey conducted by ICRON. The survey, which was taken by 165 executives at the IoT EurAsia 2018 event held in Istanbul last month, showed that, on average, data influences 72% of the decisions that companies across various industries make – while this figure is significantly higher in the finance industry at 81%.
Only 13% of respondents said that data factors into all their company’s decisions, and this figure was markedly lower in the manufacturing industry at 8%. Only 10% of respondents said that data impacts less than half of their company’s decisions. 79% of respondents said that their company knows which decisions are based on which data, while 21% of respondents reported that they don’t know which decisions are based on which data.
Alfred den Besten, ICRON’s Chief Marketing Officer, said: “ In today’s hyperconnected business world, it’s not surprising that data – which is generated from a variety of sources including IoT devices and back-office systems – is an important factor in business decisions. The crucial question for companies today is: are you using the right data to make the right decisions? Our survey shows that around one out of every five companies don’t have an understanding of which data is being used to make which decisions. This means that approximately 20% of companies may be making decisions based on the wrong data or no data at all, which is alarming.”
ICRON’s President A. Tamer Ünal commented: “ The results of our survey – which reveal that a significant percentage of companies don’t have a grasp of which data is driving which decisions – underscore the need for Optimized Decision Making solutions like ICRON. These algorithm-based solutions give companies the capability to first intelligently compile and collate data from various sources, and then automatically process that data and utilize it to produce optimal calculations and projections, which are used to make optimized decisions that enable these companies to achieve their business goals. With ICRON, companies can instantly transform their data into optimized decisions.”
