Three-quarters (75 percent) of the senior executives of top U.S. companies - 67 percent with annual revenues exceeding $1 billion - said that the number of daily decisions has increased over last year, according to the 2004-2005 Teradata Report on Enterprise Decision Making.
To enable executives and managers to make better decisions in 2005, here are five New Year's data resolutions for C-level executives:
1. End data isolation. Many companies have data in silos controlled by departments or divisions. Silo isolation impedes reuse and sharing of data across the enterprise. Silo isolation slows and fragments decision-making - costing the company time and money.
2. End dirty data. According to the Teradata report, 80 percent of European executives and many in the U.S. and China say their corporate data is not clean - meaning it contains duplicates, is missing data elements or wasn't processed properly - and thus is not very accurate. Making decisions based upon inaccurate data can result in wrong decisions.
3. Prepare for data growth. For three consecutive years, Teradata's surveys have found that the increase in data is compounding annually, with 97 percent to100 percent of respondents saying that data is increasing and well over half saying data is doubling or tripling over the previous year (57 percent in 2004). Make certain that data is scalable across the enterprise.
4. Get data in the hands of decision-makers. For better or for worse, C-level executives should ask all the decision-makers in the organization if they can access the right data at the right time when making decisions. Approximately three-quarters of U.S. executives and over half of their counterparts at European companies said that the lack of "right time information" has cost their company money.
5. Protect your data. Make sure you have systems in place to provide security for data - to prevent fraud or identity theft and to provide recovery or replication if disaster hits.
The 2004-2005 Teradata Report on Enterprise Decision-Making shows that overwhelming majority of respondents (over 70 percent) say that poor decision making is a serious problem for business. The top casualties of poor decision-making are profits, company reputation, long-term growth, employee morale, productivity and revenue according to the report.
The Teradata reports on these surveys are available at www.teradata.com.
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