New Domo Study Shows the Data Decision Gap is Holding Business Back

Rhea-AI Summary

A new study from Domo reveals a significant gap in data decision-making among organizations, with 55% of respondents indicating no change in decision processes despite increased data investments. Key issues include a lack of understanding of data access and usage, disconnected BI tools, and insufficient training. Notably, 70% of personal needs are supported by effective apps, while 52% of business needs lack similar support. The study warns that this gap may lead to future data bottlenecks, urging companies to adopt better data tools for informed decision-making.

Positive

• Data investment is at an all-time high, indicating strong market interest.
• Adoption of the right tools can lead to improved data-driven decision-making.

Negative

• 55% of organizations report unchanged decision-making processes despite data investments.
• 33% of respondents fear significant data bottlenecks due to the data decision gap.
• 52% of business needs lack sufficient app support, hindering data utilization.

Spending on data capabilities has skyrocketed but mismatched technology is the primary driver of low data adoption rates, according to study results

SILICON SLOPES, Utah--(BUSINESS WIRE)-- A new study conducted among CIOs, chief data officers and vice presidents in data-oriented positions released today by Domo (Nasdaq: DOMO) pointed to a significant data decision gap impacting companies’ business intelligence efforts. Organizations around the world are investing in data at a higher rate than ever, but 55% of respondents noted that the process for making decisions had not changed at all in their organizations, with decisions largely made “from the gut” rather than from data.

Respondents said that the top cultural or attitudinal challenge for using data effectively is that too few people across most organizations understand how to access useful data or use it to drive meaningful decisions. This indicates that failing to use data may begin in the C-suite, but it cascades down across every level of the business.

Domo’s study points out that the two most common explanations for this gap were BI tools being disconnected from business processes and a lack of training. Even as organizations have embraced the power of data, most respondents saw them continuing to struggle with implementation because of their data tools. Nearly one-in-three (33%) also worried that the data decision gap would create significant data bottlenecks in the future. Organizations that adopt the right tools for democratizing their data are realizing the benefits of data-driven decision making.

"We are constantly finding new ways to unlock information, but companies that want to be truly data-driven have to do more than just capture and store it," said Mohammed Aaser, chief data officer at Domo. "It's great to have all this data, but if you can’t enable your employees to use the data easily to drive improved decisions, then it doesn’t matter how much you invest in the effort.”

Shortcomings in technology that supports data within an organization likely points to both the culprit and the cure for this problem: respondents to Domo's study indicated that the majority (70%) of needs and interests in their personal lives were supported by well-built apps, but over half of their business needs (52%) did not have any kind of app support. Simplifying access to data through apps and integrations can help organizations capitalize quickly on the investments they have made in digital transformation over recent years.

Learn more about how your company can embrace a data-driven culture with insights from Domo’s Closing the Data Decision Gap study by visiting here. To discover how Domo is delivering modern data experiences for companies of all sizes, visit www.domo.com.

About Domo

Domo transforms business by putting data to work for everyone. Domo’s low-code data app platform goes beyond traditional business intelligence and analytics to enable anyone to create data apps to power any action in their business, right where work gets done. With Domo’s fully integrated cloud-native platform, critical business processes can now be optimized in days instead of months or more. For more information, visit www.domo.com. You can also follow Domo on Twitter, Facebook and LinkedIn.

Domo is a registered trademark of Domo, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220323005328/en/

Cynthia Cowen

PR@domo.com

Source: Domo

FAQ

What does the Domo study reveal about data decision-making gaps?

The study shows that 55% of organizations have not changed their decision-making processes despite increased investment in data.

What percentage of companies face challenges in using data effectively according to Domo?

The study indicates that many companies struggle due to a lack of understanding and training, with 33% of respondents concerned about potential data bottlenecks.

How do BI tools impact business processes as mentioned in the Domo study?

The study highlights that disconnected BI tools are a common reason for the data decision gap, affecting organizational efficiency.

What are the implications of the findings from the Domo study for investors in DOMO?

Investors should consider that while data investments are rising, the challenges highlighted may impact the effectiveness of those investments.