New analysis from information options agency InterSystems finds that almost 9 of ten—a whopping 86 p.c—enterprise leaders at monetary companies firms aren’t assured that their information can be utilized for decision-making. The examine of greater than 550 enterprise leaders throughout 12 international locations globally revealed the issue might stem from disconnected techniques and information sources, with virtually all (98 p.c) respondents saying that there are information and software silos inside their group.

The survey discovered that overcoming these information challenges is a high precedence for monetary companies companies within the yr forward. Greater than half (51 p.c) cite their greatest expertise precedence as having access to real-time information throughout the enterprise for improved decision-making, whereas 44 p.c say it’s to develop new purposes.

Bettering information entry is important

In reality, nicely over a 3rd (37 p.c) of the enterprise leaders surveyed mentioned their greatest information problem is how lengthy it takes to entry information, and that the information is outdated by the point they get it. Sixty-three p.c of world enterprise leaders say the information they use is greater than 24 hours outdated, 1 / 4 (25 p.c) say it’s between one and three days outdated, whereas for 17 p.c it’s between 4 days outdated and per week outdated.

The inaccessibility of knowledge from all of the wanted sources (33 p.c) or within the format wanted (32 p.c) are additionally main points, together with visibility, with 31 p.c saying it’s troublesome to realize a view of enterprise-level danger. The first affect of those challenges is problem gaining a 360-degree image of shoppers to ship customized companies (36 p.c). This could have an effect on a agency’s skill to retain current prospects, entice new ones, and create a aggressive benefit.

What’s extra, thirty-five p.c of enterprise leaders say these challenges make utilizing information for choice making troublesome

Equally, greater than a 3rd (34 p.c) revealed they don’t seem to be capable of base choices on real-time data so typically should depend on assumptions that aren’t all the time appropriate.

“The monetary companies sector handles and processes large quantities of knowledge on daily basis,” mentioned Ann Kuelzow, international head of economic companies at InterSystems, in a information launch. “It’s the lifeblood of organizations and is vital to all the things from compliance to enterprise 360 and buyer 360, which permits them to ship the merchandise and experiences their prospects want. Due to this fact, it’s important that they discover methods to beat the challenges they’re experiencing in accessing, harmonizing, and analyzing information to have the ability to use it extra successfully to drive their organizations ahead. That is the place information materials, a brand new architectural strategy, will come into their very own.”

Greater than three-quarters (77 p.c) of respondents revealed they’d contemplate implementing a knowledge material to simplify entry to distributed information. Information materials are enabling companies to bridge information silos and pace and simplify entry to information belongings to offer a constant, correct, real-time view of inner and exterior information.

This real-time entry to information permits monetary companies establishments to additional key initiatives, with 35 p.c of respondents saying they require entry to distributed information in a well timed trend to enhance operational efficiencies, whereas 31 p.c want it to make strategic choices (31%). Greater than 1 / 4 (26 p.c) of enterprise leaders imagine getting access to real-time information would assist to enhance enterprise danger and liquidity administration.