According to new data from Confluent, the majority of UK business leaders (86%) are finding they need to make decisions “faster than ever before” but are overlooking important data.
Despite the increased pressure, more than half (57%) of the 200 high-level executives included in the survey claim they have less time on their hands than they used to.
While nine in ten agree that real-time decision-making has become necessary, about three in five (58%) admit to relying on intuition or gut feeling rather than actual data.
Decisions in top management are often made based on feelings
Additionally, three in five (61%) said they regularly make quick decisions without thoroughly reviewing the data, in areas such as workforce management (73%), workforce expansion (56%), market expansion (53%) and new products ( 52%). , budgets and investments (45%) and new processes and technologies (42%) are all severely affected.
Even though top management executives make uninformed decisions, many prefer to rely on accurate data (84%) or have real-time data accessible to them (85%).
As a result, almost all (97%) of the leaders who took part in the ‘Quick Thinking’ survey plan to invest in real-time dashboards and data streaming technologies, with 96% saying this is ‘important’ or ‘essential’.
Richard Timperlake, SVP EMEA at Confluent, commented: “Across the UK, businesses are having to choose between quick decisions and informed decisions. That shouldn’t be the case. Today’s leaders and CEOs need to know they have access to a complete, accurate view of their organizations in real time. The move to data streaming is an essential part of that shift.”
Timperlake added: “How data is processed and distributed is no longer just a technical or IT issue, it is a company-wide decision that can impact everything from profitability to the customer experience.”