Indian companies see value in using data to drive business decisions, especially in times of uncertainty. 78% of Indian business leaders agree that data helps reduce uncertainty and make more accurate decisions in business conversations, according to Salesforce’s Untapped Data Research report.
The report revealed that 8 in 10 Indian business leaders say data is critical in decision-making at their organisation today. A new survey of more than 1,000 Indian business leaders reveals that while they know using data is important to their business, the vast majority are not harnessing its power for better decision-making and business results.
According to the survey, 66 per cent of business leaders are not using data to decide on pricing in line with economic conditions, such as inflation. While only 35 per cent are using data to inform their strategy when launching in new markets.
The survey also noted that 79% of business leaders think data keeps people focused on the things that matter and that are relevant to the business.
According to the survey report, Indian business leaders report being paralysed by the influx of data, their knowledge of how to best operationalise it, and how to use it to invest strategically going forward. 38% of business leaders cite a lack of understanding of data because it is too complex or not accessible enough, underlined the report.
“Businesses need to truly become data-driven, starting at the top in order to uncover opportunities to grow, while finding operational and cost efficiencies. Today, leaders acknowledge that data drives business direction but actual utilization of data by Indian businesses is low as there are still barriers to standing in the way of data-led business conversations,” said Anjali Amar, Regional Vice President – Tableau at Salesforce India.