Alarming and exciting: Oracle released a study this week surveying over 300 C-level executives across a wide range of industries. Alarming considering 60% of surveyed executives felt unprepared to leverage their company’s data and indicated significant gaps across their organization. Exciting considering the opportunity to increase both revenue and margin.
94% of C-level executives say their organization is collecting and managing more business information today than two years ago, by an average of 86% more
93% of executives believe their organization is losing an average 14% of revenue each year –they are unable to fully leverage the information they collect
97% say their organization must make a change to improve information optimization over the next two years
77% of organizations surveyed use Industry-specific applications to run their enterprise—they are looking for more tailored options
64% say it is important or business critical for managers to access business information on their mobile devices
As a cost center, IT generally charges business units for the support they provide. In some cases, those costs are absorbed by the company or as part of a business unit’s overhead.
How, then, can the information assets in corporate systems be translated into profit generating products and services provided to customers and vendors? How can IT influence cost savings for the same business units they support rather than being seen as a necessary burden?
Those surveyed with $1 billion or more in revenue say they’re losing at least $130 million of revenue each year due insufficient information management. The biggest hurdles involve interpreting the data. Oracle’s report shows that businesses are facing the following challenges:
Translating information into actionable intelligence
Distributing timely information
Reporting on information
Making strategic decisions based on information
Organizations who rank themselves as prepared for these challenges recommend investments in technology, staff, and strategy.
What are your next steps?
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