Some 60 per cent of staff are not confident they always have the right information to make important business decisions, while 32 per cent admit they have relied on hope or luck to do so over the last six months.
As a result, despite the broad range of information sources available today, nine out of ten managers find decision making stressful, with 75 per cent of them saying it keeps them awake at night, according to a survey conducted by Informix Software.
Informed? An enquiry into Decision Making in a Fast Moving World was compiled from the responses of 1,500 employees from a variety of job sectors across ten countries, including 200 in the UK.
Jeans-Yves Deximer, Informix's president and chief executive, said: "What was clear was that many still don’t feel they have enough information to make important business decisions. In fact, the role of limited, incorrect or misinterpreted data surfaced as one of the most important factors that leads to errors in decision making."
"Organisations do not need more data, but they need to be able to easily translate, assimilate and activate the information they currently have," he added.
The study found that although technology use was widespread in the UK, one third of organisations did not have a computer system to provide staff with customer information, and 72 per cent of employees still received their information from paper based systems.
John Hammond, a management consultant and former professor at Harvard Business School, said: "To make good decisions consistently requires two things: a good method and good information. Most people grapple with tough choices using flawed methods because their training in decision making is flawed."
He added: "Information technology has enormous potential to improve decision making. Often users don’t know how to use the technology. Clearly better training is needed."
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