Eight out of ten business leaders in India, or 80 percent, are of the opinion that data plays an important part in the decision-making process at their respective organisations. In business dialogues, over 78 percent of Indian business leaders believe, as reported by the enterprise software giant Salesforce, that data helps eliminate ambiguity and makes it possible to make more correct decisions.
The poll comprises responses from over a thousand prominent Indian businesspeople. “In order for businesses to discover potential for growth while also finding operational and financial efficiencies, they need to truly become data-driven, and this transformation must begin at the top. According to Anjali Amar, Regional Vice President – Tableau at Salesforce India, “Today, leaders acknowledge that data drives business direction. However, actual utilisation of data by Indian businesses is low as there are still barriers standing in the way of data-led business conversations.”
According to the findings of the survey, even though businesses are in agreement on the benefits of using data, there is a significant gap between that understanding and how they are really putting it to use.
Two-thirds, or 66 percent, of executives in charge of running businesses do not make pricing decisions based on data to ensure that prices are in line with economic conditions such as inflation. When entering new markets, only 35 percent are using data to inform their strategy in any way.
In addition to this, the report said that there are chances for businesses to use their data to drive company values that are not being taken advantage of. Almost seven in ten business leaders, or 69 percent, do not use data to inform the diversity and inclusion policies of their organisation.
Only 23% of business leaders are actually using data to help guide their decisions regarding climate targets. The report also claimed that data has a significant potential to establish trust and efficiency among both customers and employees when it is effectively integrated and used.
About 79 percent of business leaders believe that data helps people stay focused on the things that are important and that are relevant to the business, and about 76 percent of business leaders believe that data helps minimise the influence of personal opinions or egos in business conversations. According to the findings of the survey, close to eighty-five percent of businesses have plans to maintain or raise their expenditures on the development and training of employees’ data capabilities.