A study commissioned by Colt, a provider of data center, voice and network services, has revealed that the majority of information technology (IT) leaders at financial services firm in Europe rely more on their intuition than on hard data.
64% Choose Intuition over Data
The study, dubbed “Moments that Matter”, was conducted by independent research firm Loudhouse among 301 senior IT executives from a range of industries, including 74 from financial service providers. Although 76 percent of the financial services sample said data and intelligence were very important for their strategic decision-making process, 64 percent said when data and intelligence went against their gut feeling and experience, they chose to be led by the latter, when devising a strategy. An even greater majority, 84 percent, recognized that intuition often came into conflict with data analysis.
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There is still a heavy dependency on data in financial services
Colt’s Vice President of Capital Markets commented: “Data is critical in devising IT strategy and making the best decisions for businesses. This is especially the case in the financial services sector, which uses extensive data analysis and relies on technology to provide continuous access to the latest market statistics and trends to inform firms’ strategies. Despite this heavy dependency on data, this study indicates that the majority of IT leaders still rely on their own intuition and experience for making major decisions.”
The study can be downloaded here.