How Data and Trust Are Driving Business Decisions
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In a world driven by data, business leaders are working to turn the insights offered by big data into meaningful information to make their companies more competitive. In one study conducted by IBM, 75 percent of leaders attributed the value of analytics solutions to their ability to increase revenue, as well as improving business functions such as speed and accuracy of decision making, and generating innovative ideas. But before leaders can actually use data to do these things, they must have full confidence in the business and data analysts, as well as in the data itself.
Believing that others in the organization are competent and support the business’ best interests is significant for executives, analysts and data managers who rely on each other to pinpoint the right data for analysis. The good news is that the majority of company leaders—60 percent— report a high level of trust between executives and their business analysts.
For those wondering how it can be done, look no further than business leaders with rigorous standards and strong data management practices, as two-thirds of leaders are confident enough in their data and analytics to use them in day-to-day decisions.