Six out of every 10 relevant decisions made in companies are governed by the "intuition" and "experience" of their senior management. Although something is beginning to change: three out of every 10 decisions are already made based on data analysis results.
According to a PwC report, we are looking at a change process in which the weight of these factors will be veering towards Big Data. The challenge is to achieve the desired balance between these three pillars: experience, intuition and data.
49% of the more than 1,100 executives surveyed said that data analysis is gaining weight at the expense of other aspects. This percentage increases in the USA, where 66% already support decision making based on Big Data processes.
The key is in the increase of companies using specialized data analysis tools, as well as forming multidisciplinary analysis teams to improve strategic decision making.
However, not all the executives are convinced that Big Data and information analysis can be relevant for them, as they don't think that they get any direct benefits.
In their opinion, the main handicap is that the information is not in their hands at the time of making a decision. 83% of executives surveyed think that the solution is not in forming new teams, but rather taking advantage of a company's internal talent and training their professionals.