New research recently launched by Data Centre EXPO (Excel, London, 8-9 October 2014) and conducted by Redshift Research, claims that many UK organisations are failing to fully realise the operational and revenue benefits of the data they hold.
The survey of 300 UK IT directors and managers sought expert opinions on a variety of issues, including how effectively data was used within organisations, the main perceived challenges to an effective data strategy, and where the main business opportunities lay.
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Is the Chief Data Officer failing to deliver?
Although 71% of IT managers said that their organisation has a dedicated Chief Data Officer or similar position to ensure that data quality and interoperability is maintained across the business, 79% believe their organisation could make more use of data analytics.
Lack of data strategy, business process and technology holding back business
When asked to identify why they believed that their organisations were failing to make better business use of data, almost a quarter (23%) claimed that there is no data strategy in place at all in their organisation.
For those who do have a data strategy in place, the picture is not much rosier, with 36% of those respondents saying that they do not have the business processes or technology to implement the strategy. Only 12% claim to have the strategy, technology and business processes to fully capitalise on operational and revenue benefits.
The data business opportunity gap
The survey identified a clear gap between how organisations are currently utilising data and how they would like to be doing so.
Over half of all respondents believed better use of data within their organisations could improve business operations. 45% believe that it could reveal better customer behaviour trends, 45% believe it could improve security, and an impressive 38% argue that it would generate more revenue for the business. One in six even stated that in their view it would improve employee retention!
The Internet of what…
While 19% of respondents are already taking advantage of new data made available through the beginnings of the Internet of Things, almost half (41%) claimed they are currently in planning stage. 25% of respondents acknowledged the need to exploit this data but claimed they are not currently not doing so. More worryingly, 16% of IT managers didn’t even know what the Internet of Things is!
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