A third of large organisations in the UK admit to having lost a customer or new business due to missing data.
Research from Vanson Bourne, commissioned by Oracle, reveals many large businesses are not taking a strategic view when it comes to data, leading to lost business deals and little value being derived from it.
The "Data Dilemma: From Obstacle to Opportunity" report also highlights significant concerns at companies around data security, accuracy and fragmented systems.
Although 88 percent of businesses saw data as a strategic asset to their business, a third (33 percent) of respondents had lost a customer or new business deal as a result of missing data. In addition, 30 percent admitted to losing business due to the mishandling of data.
Half of respondents (52 percent) said their biggest frustration was the complexity around managing multiple data sources. Around one-in-five respondents (18 percent) had between 501 and 1,000 data repositories/ databases in their organisation.
David Rajan, director of technology at Oracle UK, said, "Businesses need to change the way they architect their systems to focus on consolidating data and then running business processes on top of it to truly derive value from their data.”
Rajan said firms could no longer just keep adding more hardware, applications and databases to an already complex and fragmented infrastructure.
The research, for which 500 IT Managers and CIOs large UK organisations were surveyed, found that only one-in-20 organisations had data that is completely integrated across all their enterprise systems.