Avoid Analysis Paralysis-Use Data to Enable Decision-Making and Growth.

Author:Coussins, Andy
Position:DATABASE AND NETWORK INTELLIGENCE: OPINION
 
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There are huge amounts of data being created, mined and managed every day--and, according to an executive summary by Cisco, global IP traffic will experience an almost threefold increase over the next five years. With broadband speeds set to double by 2021, and more data being shared than ever before, the amount of information that now sits at our fingertips is exploding.

Today, data is accumulated from a wide variety of sources, and it's becoming increasingly difficult to manage this growing wealth of information--which includes details related to financial transactions, inventory and production processes--let alone use it.

Digitalisation also means that workers now face a daily tsunami of emails. In 2018, around 124.5 billion business emails were sent and received worldwide each day--with the average office employee receiving over 121 pieces of digital correspondence daily. Projections show that by 2021, 320 billion emails will be sent everyday--an increase that will have a detrimental effect on the productivity and wellbeing of those receiving them.

Dealing with the data deluge.

There is no denying that data plays a key role in the everyday decisions made by organisations and their employees. However, the sheer volume of information available today can result in data blindness and confusion, rather than clarity, when making all-important business choices--leading to 'analysis paralysis'.

Recent research[1] indicates that the data deluge workers experience on a daily basis is becoming overwhelming. Nearly three-quarters (74 percent) of employees claim they're dealing with more and more data, while almost two-thirds (62 percent) said they are often overwhelmed by the sheer volume of emails they receive. Over a third (35 percent) went on to confess they feel stressed every day, due to information overload.

This is a challenge for workers in every area of the business--with over two-thirds (62 percent) of CEOs, 44 percent of IT workers, 63 percent of operations staff, and 70 percent of finance professionals agreeing that information overload impacts them on a daily basis. With data paralysis affecting staff members at every level of the organisation, the risks this poses cannot be ignored.

Information overload not only puts workers under pressure, it can also have a damaging impact on their ability to make accurate business decisions--60 percent [2] claim that the amount of data and information they receive daily can sometimes make it hard...

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