Data Dumps on Decisions
By George Anderson
The tock is clicking and you’re buried under reams of spreadsheets. What does it mean? What should you do?
First, understand that you are not alone. According to a recent study conducted by BuzzBack, for NCR’s Teradata division, 73 percent of executives said that the number of decisions they have to make is growing while 55 percent claim there is less time to make those decisions.
“Making decisions in time to control the performance of the business including the outcome of profits, customer loyalty, margins, or any other key measurement is getting harder for many executives” says the chief marketing officer of Teradata, Ruth Fornell. “They suffer from information overload and often can’t interpret data in a timely manner.”
Teradata’s, 2002-2003 Report on Enterprise Decision-Making found that:
- Having less time to make decisions resulted in missed opportunities (55%), a negative impact on competitive position (29%) and lost profits (26%).
- The top three consequences of making bad decisions are a negative impact on profits (80 percent), revenue (78 percent) and employee morale (73 percent).
Moderator’s Comment: What are the greatest technological
and organizational impediments to making good business decisions? [George
Anderson – Moderator]