A lack of decision-making systems in European firms costs millions of pounds a year in lost productivity, a study from Vanson Bourne has found.
The study, commissioned by Information Builders, found that a typical European employee wastes an average of 67 minutes every day looking for company information, equivalent to 15.9% of the working time per day. For an organisation with a 1,000 staff on £34,000 per year it equates to £5.39 million a year of salaries wasted by staff looking for company information to make a decision.
According to the research, managers are also frustrated and demotivated by poor access to accurate data, with 54% of respondents claiming lack of accurate, consistent and complete information as the biggest barrier to making good decisions.
As a result they have to rely too much on experience rather than good information to make decisions, which 63% of respondents said was the key characteristic of a good decision. Respondents believed that easy access to information (55%), easy to use search and retrieval tools (40%) and timely reports (25%) would help them be more productive in their jobs.
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