Around 8 in 10 business leaders face decision distress: report

They believe having the right data will help them make better decisions.

About 84% of business leaders in Singapore claimed that they suffered from decision distress where they regret or felt guilty about a decision they made, with 95% saying they want to leverage their decisions on data.

In a report, Oracle and author Seth Stephens-Davidowitz found that business leaders perceive that data will help them make better and faster decisions, reduce risk, more money and plan for the unexpected.

Having the right data and insights will result in making better decisions in human resources, finance, supply chain, and customer experience, the survey found.

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However, 65% of businesses noted that the sheer volume of data and lack of trust in it prevented them from making decisions, and 87% claimed that the growing data sources limited their organisation’s success.

“Business leaders in Singapore want data to help and know it is critical to the success of their organizations, but do not believe they have the tools to be successful which are eroding their confidence and ability to make timely decisions,” they said in a statement.

The study managing different data sources needed additional resources to collect all data (33%), made strategic decision-making slower (29%), and opened more risks for error (27%).

Business leaders also said the approach to data and analytics currently is not solving these challenges, with 68% saying the dashboards and charts they get do not always relate to the decision they are making and most data available only benefit IT professionals and data scientists.