**London**: A survey by Wakefield Research for SoftServe reveals that many business leaders struggle with data utilisation, with 65% noting a lack of understanding of data value. The findings underscore the urgent need for improved data strategies and governance to enhance decision-making and operational efficiency.
A recent survey conducted by Wakefield Research, commissioned by SoftServe, has highlighted significant deficiencies in the data management capabilities of many businesses, with 2025 revealing a critical need for improvement. The survey, which included responses from 750 business leaders across various sectors and countries, suggests that a staggering 65% of these leaders believe that no one at their organisation fully understands the scope and utility of the data they collect. Furthermore, 58% admitted that key business decisions are frequently based on inaccurate or inconsistent data.
The findings raise concerns regarding how organisations approach supplier relationship management (SRM), particularly in the context of evolving beyond traditional metrics like key performance indicators (KPIs) and dashboards. The survey indicated a disconnect between leadership levels; 78% of Vice Presidents and 61% of directors reported that misunderstandings around data hamper effective investment decisions, while just 44% of C-level executives acknowledged this issue.
The results shed light on the need for real-time data access within decision-making processes. Sixty per cent of the respondents highlighted difficulties in obtaining timely data, a challenge that is compounded by the fact that more than half of those making decisions are doing so based on flawed information. This friction points to the urgent need for organisations to reassess their operational analytics frameworks and the quality of data being leveraged.
Interestingly, the survey also revealed a tendency among businesses to misallocate resources, with nearly 73% of respondents believing that funding and talent have been diverted wrongly towards broader, lower-ROI initiatives, such as general AI projects, rather than towards more impactful data strategies. As a positive takeaway, however, 44% of surveyed companies reported opening new revenue streams through better data governance, and 54% noted increases in productivity linked to strong data management foundations.
Rodion Myronov, AVP of Technology at SoftServe, commented on the findings, stating, “An impactful data strategy is not about perfection, but prioritization,” emphasizing the importance of focusing investment on critical areas that enhance data maturity over merely chasing the latest technological trends. He advocates for organizations to construct a robust data strategy to improve their overall capabilities and outcomes.
As businesses continue to navigate the complexities of modern data management, the findings suggest that a shift in focus towards building stronger data infrastructures could be key to unlocking the full potential of their data assets, thereby improving supplier relationships and overall organisational effectiveness. Many leaders indicated they plan to increase their data budgets significantly in the coming year, signalling a potential shift in how these entities prioritise and manage their data moving forward.
Source: Noah Wire Services
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