IQ eluding firms, hampering growth.

Despite numerous technological advancements and the tens of billions of dollars companies have poured into information technology over the past five decades, a new global research report finds that a majority of business decision makers don't have ready access to high quality, reliable, useful information on operating and financial performance.

CFO Research Services and Deloitte Consulting LLP, a subsidiary of Deloitte & Touche USA LLP, surveyed 385 senior finance and IT professionals from the U.S. and Canada, Europe and China on the quality of management information and its proficiency in meeting information needs at large companies. The result: fewer than half believe they have achieved their information quality (IQ) objectives. Equally important, 82% believe they could improve the utility of financial information for forward looking planning and strategy.

The research report, IQ Matters: Senior Finance and IT Executives Seek to Boost Information Quality, further shows that, in the absence of IQ, a majority of business decision makers are forced to spend time building special reports and analyses and reconciling "multiple versions of the truth."

"Poor information quality is one of the most critical problems facing businesses today--and the amount of data companies have to deal with is only increasing," explains Ann Senn, national managing director of strategy and innovation at Deloitte Consulting. "Clearly, progress in information quality must be made in order for companies to operate in today's marketplace and regulatory climate."

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Among the primary drivers of poor IQ, more than 80% cited disparate, non-integrated IT systems and the variability of business processes as a problem. Time-consuming special reports and analysis to supplement systems-generated reports, misguided incentive programs, and unrealistic plans and budgets are also contributors to poor IQ.

For more information visit www.deloitte.com.