Business are losing up to £20 million a year from lost big data opportunities, with over half (51%) of businesses missing out because they didn’t see an opportunity until it was already gone, due to a lack of accurate information, and almost a fifth (19%) seeing this happen a few times a week.
According to the ‘European Big Data – Big Failure’ report, released today by flash storage provider Pure Storage European businesses face a dilemma: 78% of them believe they could boost their performance by at least 21% if they could access insights faster. But over half (51%) said they’d lost an opportunity that they’d not seen until it had already gone.
This loss of opportunity is also happening on an alarmingly regular basis, with almost a fifth (19%) say it happens a few times a week. The report shows also that this equates to a significant loss – up to £2 million a year in lost revenue per company for those with sales between £100 million and £500 million, and considerably more for those earning more than £1 billion: an estimated £20 million per company, per year.
The report also found that almost three-quarters (72%) of businesses are collecting data and not using it, with just under half (48%) saying this is because data processing is too time consuming, and one in five (19%) because it is too expensive to process.
Commenting on the report James Petter, VP EMEA, Pure Storage said: “The reason we’re seeing these trends emerge is because it is now cheaper for businesses to retain the data they are collecting, than to destroy it – so the volume of data a business holds is growing rapidly. But at the same time, it is complicated and costly to access usable information fast enough to make a difference.”
Over half (56%) of companies surveyed said bureaucratic red tape was the most serious obstacle for business productivity. “Bureaucratic red tape around access to information is preventing companies from using their data to find those unique pieces of insight that lead to great ideas. Data ownership is no longer just the remit of the CIO, the democratisation of insight across businesses enables them to disrupt the competition,” said Petter.
One in ten of the companies Pure spoke to cited data protection concerns as holding up their dissemination of information and data throughout their business. Regulations have had the largest negative effect in the UK with over a third (39%) of UK businesses saying that recent well-meaning regulations have had unforeseen, negative consequences for their business or industry. France has been most assisted by changes in regulations with 42% saying these have helped their ability to do business. Germany is the most positive about regulators with 40% of businesses saying that there were no new regulations in their industry to affect their performance, and over a quarter (26%) saying that regulations of a different industry has had a positive impact on their business.