Information is Power; And Too Much Information Overwhelms workers
- The proliferation of information sources and information stores makes it difficult for managers to find the true value in data, according to a Accenture executive.
- Most companies spend 90% of time in gathering data, and only 10% analyzing it. Research shows that many organizations lack coherent systems for managing information.
- Middle managers spend up to 2 hours a day searching for information to do their jobs, and more than 50% of the information they obtain has no value to them, according to results of a recent Accenture survey of 1,009 managers in the U.S. and Britain..
- Additionally, 59% said that as a consequence of poor information distribution, they miss information that might be valuable to their jobs almost every day because it exists somewhere else in the company and they just can’t find it. And 42% of respondents say they accidentally use the wrong data at least once weekly.
- Just 26% of executives say their companies have formal, well-defined processes and practices for decision-making, according to a poll of 300 managers in the U.S. by the Business Performance Management Forum on behalf of Cognos (COGN)
Users need a way to effectively find information and make it available within the context in which they're performing, says Greg Todd of Accenture.
Chief executives and others at the top of the corporate pyramid display more confidence. Nearly 42% of chief executives and others at the top executives expressed high confidence in their decision-making process, while just 27% for vice presidents and general managers felt the same confidence, according to Business Performance Management Forum.