Salesforce, the multinational customer relationship management (CRM) solutions provider, on Thursday, April 27, released its Untapped Data Research report, in which it found that business leaders are struggling to put data into practice to quickly make strategic business decisions and navigate economic uncertainties because they can't make sense of it.

With the proper training on data skills, data can help business leaders make better decisions, earn trust, and reduce uncertainty — even amid challenging times, the report says. The global survey was conducted in partnership with YouGov with total sample size of 9,837 business leaders and decision-makers, including 1,095 in India.

As per the survey, while the respondents know using data is important to their business, the vast majority is not harnessing its power for better decision-making and business results.

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Key findings

Companies aren’t tapping their data’s potential

Indian companies see value in using data to drive business decisions, especially in times of uncertainty.

Today, 8 in 10 business leaders say data is critical in decision-making at their organisation.

78 percent agree that data helps reduce uncertainty and make more accurate decisions in business conversations.

"While companies agree on the advantages of using data, there’s a clear disconnect from how they’re actually using it in practice. For example, a majority of companies aren’t actually using their data to make critical business decisions," the report reads.

66 percent of business leaders are not using data to decide on pricing in line with economic conditions, such as inflation.

Only 35 percent are using data to inform their strategy when launching in new markets.

There are also missed opportunities for companies to use their data to drive company values.

Almost 7 in 10 business leaders are not using data to inform their organisation's diversity and inclusion policies.

Only 23 percent of business leaders are using data to help guide their climate targets.

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Data creates efficiency and trust amid uncertainty

"When integrated and leveraged correctly, data has huge potential to build efficiency and trust among both customers and employees," the report adds.

79 percent of business leaders think data keeps people focused on the things that matter and that are relevant to the business.

82 percent agree data helps accelerate decision-making.

81 percent believe that data builds trust in business conversations.

76 percent think that data helps minimise the influence of personal opinions or egos in a business conversation.

The need to close the digital skills gap

The report says Indian business leaders are being paralysed by the influx of data, their knowledge of how to best operationalise it, and how to use it to invest strategically going forward.

38 percent of business leaders cite a lack of understanding of data because it is too complex or not accessible enough.

37 percent of business leaders cite the lack of ability to generate insights from data.

28 percent are overwhelmed by the amount of data, which is expected to more than double in size by 2026.

To address these concerns, 85 percent of companies are planning to continue or increase spending on data skills development and training for employees, the survey finds, adding that data literacy training for employees "can establish a data culture that supports business goals and improves resilience during the tough economic climate."

“Today, businesses are facing headwinds and data can help solve these critical challenges as it enables faster, smarter decisions,” says Anjali Amar, Regional Vice President, Tableau, at Salesforce India. “Businesses need to truly become data-driven, starting at the top in order to uncover opportunities to grow, while finding operational and cost efficiencies,” she added.

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Juan Perez, Chief Information Officer, Salesforce, said business leaders are experiencing one of the toughest economic markets of our time.

"But they have an untapped advantage for better decision-making — their data. The secret to driving true insights is marrying data with analytics. A combination of data, analytics, and the necessary data skills enables companies to maximise their technology investments and uncover opportunities that drive business strategy and strengthen customer trust,” said Perez.

“In the past few years, organisations have doubled their efforts on digitisation, data, innovation, and technology investments to succeed in uncertain, fast-paced times. Everyday, organisations generate an abundance of data, which can be used to uncover trends, patterns, and correlations to make better-informed decisions, quickly, and more often. However, many business leaders struggle to unlock the value of their data and benefit from the data economy," Prashant Momaya, Senior Director, Solution Engineering, Tableau at Salesforce, told CNBC-TV18.com.

"With platforms like Tableau and Data Cloud from Salesforce, easy-to-use insights can visualise the intelligent heart of every customer and stakeholder engagement, because great experiences – like AI – start with a great understanding of your data," he said.

"Additionally, another important aspect is maintaining relevant data skills. This has never been more important and the focus on a skills-based approach is evident, making it imperative for businesses to invest in data competency building," he added.

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(Edited by : Shoma Bhattacharjee)