IRISH COMPANIES are at a disadvantage when making decisions because managers are relying on “gut feeling” instead of employing analytical talent, new research has revealed.

A study from Accenture said senior managers have limited access to enterprise-wide data and analytical talent, hindering the ability to make decisions and preventing them from gaining insight that could deliver better results.

The survey, which questioned 600 senior managers at more than 500 blue-chip organisations in Ireland, the US and the UK, found Irish companies are lagging in their use of staff with analytics skills (the science of analysis), with one in five failing to employ the expertise in comparison to one in eight in the UK.

Siloed data, outdated technology and a lack of skilled staff are contributing to the problem, with 45 per cent saying data is kept in isolated parts of their organisation, and 52 per cent confirming it is kept separate from staff with the skills to analyse it.

Executive director of strategy with Accenture Analytics Brian McCarthy said Irish companies could be missing out as a result.

“Companies have spent a lot of money and effort on the ERP wave of the 1990s and streamlining a lot of back-office capabilities,” he said.

“They haven’t really spent and invested in capabilities that are truly differentiating in nature.”

The report also found Irish firms are falling behind the UK in analysing data to predict market growth. It said Irish firms have some way to go before they can effectively use analytics in their business, with the top priority for firms getting their data in order.

However, firms are also more likely to buy proprietary data from third parties. More than 40 per cent of firms here said they would use such a method, compared to 29 per cent in England and Wales.