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Data Overload: 87% Of Leaders Prefer 'Robots' For Decision-Making, Study Finds

According to the study's findings for India, 91% people claim that the number of decisions they make every day has increased 10x over the last three years
Bharat Sharma Updated on Apr 27, 2023, 14:57 IST

A data deluge is upon us, and employees are feeling the heat. According to a global study done by Oracle and Seth Stephens-Davidowit claims that 87% business leaders in India would prefer a robot to make their decisions amid data distress.

The study took into account over 14,000 employees and business leaders across 17 countries to find that people are struggling to make decisions in their personal and professional lives and that they're being forced to make more decisions than ever before.

Unsplash

Decision making stressful due to data

According to the study's findings for India, 91% people claim that the number of decisions they make every day has increased 10x over the last three years. And as people try to make these decisions, 90% people are having to deal with data from more sources than ever before.

In addition, 92% people said that the volume of data is making decisions in their personal and professional lives more complicated and 69% claim that they face a decision dilemma, struggling with making decisions more than once every single day.

Also read:?Protect Your Data: Tips From Experts On World Backup Day

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The study also found that 26% people don't know which data or sources to trust and 80% people have given up on making a decision because they were overwhelmed by the data. Owing to this, 88% of people say this inability to make decisions is having a negative impact on their quality of life, causing spikes in anxiety (38%), missed opportunities (40%), and unnecessary spending (42%).

All these factors have caused people to change the way they make decisions, especially in the last three years. 51% people now listen to sources they trust and 37% rely solely on their gut feelings, the report adds.

Organisational inertia

The survey found that 90% business leaders in India have suffered decision distress - feelings of regret and guilt over a decision they made in the past year. 99% leaders also believe that decision intelligence has the potential to make or break the organisation's success.

Even then, people want help from data. 99% of them want to make better decisions (60 percent), reduce risk (46 percent), make faster decisions (54 percent), make more money (45 percent), and plan for the unexpected (29 percent).

Unsplash

Also read:?Indian Regulator Says Google's Data Hegemony Is Hurting Fair Competition In Tech

In addition, 82% admit that owing to the sizeable amount of data and the lack of trust in data has stopped them for being able to make any decision at all. As many as 94% believe that the growing number of data sources has limited the success of their organisations.

Still, data is important

People still believe that data is imperative to an organisation's success, with 36% people saying that their decisions would be less accurate without data and more prone to error.

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Even then, automation could solve the challenge, many believe. 85% of people and 87% of business leaders said that they prefer to have their difficulties go away if a robot made their decisions. In addition, they also believe that companies that make data-driven decisions are more trustworthy (97%).

Referring to the study, Kapil Makhija, Vice President-Technology (Cloud), Oracle India said the following - "In today¡¯s evolving business environment, the race towards continuity is at an all time high. Additionally, every business leader wants to have a competitive edge and are therefore heavily relying on data to help them provide the same. However this significant data dependency doesn¡¯t come without its cons."

"With such massive amounts of data, businesses are now struggling to fully leverage it and in fact, it is now causing additional issues for the business leaders. Understanding this concern, at Oracle, we have conducted a study ¡®Decision Dilemma¡¯ that identifies that 90% of business leaders in India have suffered from decision distress - regretting, feeling guilty about, or questioning a decision they made in the past year.... Businesses must now learn to leverage this data instead of feeling overwhelmed with it."

What do you think about this fascinating peek into data deluge currently plaguing the world? Let us know in the comments below.?For more in the world of?technology?and?science, keep reading?Indiatimes.com.?

Bharat Sharma

I live for all-things-technology - gadgets, novel climate solutions, and startups that are changing the game. In my leisurely hours, you can find me binge watching science fiction films, writing poetry, or dancing to pop anthems.

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