The US Fortune 500 firms are losing a total of £125m a year from poor business intelligence, says a survey.
Research commissioned by business intelligence firm SeeWhy Software among 218 operational executives says business intelligence systems are failing to improve operational performance or impact decision making at firms.
Although many organisations have deployed business intelligence tools, the majority fall short in meeting expectations, said the survey.
The survey said 76% of respondents were forced to make decisions before the information they needed was available.
In addition, 66% said business intelligence data is either out of date or arrives too late to be of any use, and 63% believed that business intelligence reports end up being simply reference documents that are only consulted to justify decisions already made.
And 74% did not receive any kind of report that provides predictions about potential problems, with 78% not receiving any reports about potential business opportunities.
The average cost to a business for these failures was almost £250,000. By extrapolating this annual average as representative across the market, the survey indicates that the Fortune 500 companies are losing around £125m a year in missed business opportunities, as a result of inadequate business intelligence.