Businessmen Unable To Make Decisions Due To The Flood Of Data; Information In A New Study

Technology is increasingly influencing every aspect of life today. This is no different in business. A new study shows that businesspeople want to seek help from technology even in decision-making. The study also says that people are unable to take even simple decisions due to the abundance of data. The study ‘The Decision Dilemma’ has made new findings. A study conducted by Oracle along with data scientist Seth Stephens-Davidowitz (‘The Decision Dilemma’- by Oracle along with data scientist Seth Stephens-Davidowitz) involved global business leaders.

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Business leaders and 14,000 employees in 17 countries were part of the study. Business leaders say the explosion of data has affected their confidence in making even simple decisions. There is now a situation where more decisions are needed in personal and professional life than before.

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91% of India’s business leaders surveyed said there has been a tenfold increase in the number of decisions they have to make a day in the last three years. 74% of business leaders globally shared the same opinion.

People feel pressured by data overload. Trust is lost and the decision-making process becomes more complicated. This negatively affects their quality of life. Majority of the participants in the study opined that there is a need for a sophisticated system of decision making in this context. People think it is essential to handle huge data.

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26% of people in India (35% globally) do not know which data or source to contact. 80% of the respondents in the study in India (70% globally) answered that they stay away from decision making because of data overload.

88% people feel that currently available facilities like dashboards and charts are not directly helpful in decision making situation. The study also says that 92% of people think that more data is only useful for IT professionals.

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