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The role data plays in decision-making

May 24, 2023

The number of decisions we are making is multiplying and more data is not helping. In other words, the complex relationship leaders have with data and decision-making today is creating a new dilemma: people admit to not knowing what decision to make more than once every single day, while the vast majority have given up on making a decision because the data was too overwhelming.

A new study from Oracle, in partnership with New York Times bestselling author Seth Stephens-Davidowitz, based on a survey of more than 14,000 business leaders across 17 countries, reveals further alarming news:

More doesn’t always mean better

  • 83% of people agree that access to more data should make decisions easier, but 86% said that even with more data, they feel less confident making decisions.

Decision distress

  • 85% of business leaders have suffered from decision distress—regretting, feeling guilty about, or questioning a decision they made in the past year.

Stifling success

  • 91% of business leaders say the growing volume of data has limited the success of their organization, and 72% admit it has stopped them from making any decision at all.

The report also emphasizes that the decision dilemma is affecting quality of life and creating organizational inertia. Therefore, business need the right approach to data management and analytics.

Using the right data in all the right places

According to the survey, business leaders know the right data and insights can be a game changer. Specifically, business leaders believe the right data can help them achieve the following benefits for HR:

  • Improve performance and efficiency across teams 
  • Optimize the workforce to meet business goals
  • Prioritize training and development initiatives 
  • Retain and engage employees 
  • Explore what skills exist within the workforce 
  • Improve DE&I 
  • Decide who to hire
  • Align headcount and budget requirements
  • Support internal mobility 

“The message is overwhelmingly clear—our current approach to managing and analyzing data must change. Especially in the business world. The benefits of getting it right span from attracting talent in a difficult job market, to gaining new investors in a tough economic climate.”, the authors conclude.

Source: Oracle