Analysis Paralysis: When Too Much Data Reduces Decision-Making
GCN, Monday, April 24,2023
The growing volume of data, expanding number of sources and its increasing complexity is undermining leaders' ability to confidently use it to make decisions, a new report finds.
After years of asking for more data to better inform decisions, employees and business leaders are becoming overwhelmed by the amount of available data and are frequently unable to confidently draw actionable insights from it, a new report suggests.
Although 97% of respondents to a global Oracle survey said they wanted data to help them make better and faster decisions, reduce risk and increase profits, 72% admitted that the volume of data-and their lack of trust in it-has prevented them from making any decisions at all. In fact, the survey released April 19 found that 91% of business leaders said they believe 'the growing number of data sources has limited the success of their organizations.'