The survey of 600 chief information officers and IT directors reveals that, over the last two years, seven out of 10 companies have become increasingly reliant on electronic data to make company decisions and implement processes.
This has created complacency regarding data management issues, as less than 50% of companies polled have complete confidence in their own data, and less than a fifth have confidence in the data passed to them by other companies.
Henry Kenyon, data management partner at PwC and co-author of the report, said: “90% of the companies we spoke to expected their reliance on automated decision-making to increase over the next two years but there was little sign of increased board-level scrutiny of the quality of data.” He added: “We believe that data management is being addressed at the wrong level, in the wrong place and in the wrong way – to continue to do so represents not only a danger but a massive lost opportunity for UK organisations.”
The study also found that a third of businesses fail to bill or collect receivables as a result of poor data management and only four out of 10 businesses have a documented, board approved data strategy.
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