Major failings in big data are costing businesses up to £20 million in missed business opportunities.
A combination of problems such as a lack of quick access to critical information, a lack of workers skilled in data management, and organisational hierarchies are blamed for the missed opportunities.
Research from Pure Storage found that 51% of businesses had lost opportunities because they didn’t see it until it was already gone, while 78% believe they could boost performance by at least 21% with faster insights.
One of the core problems is that data processing is taking too much time (48%), with 19% saying it’s because it is too expensive to process.
Speedy access to data insights is one of the problems, however, it is considered to be less of a problem than bureaucratic red tape, cited by 56% as the most serious obstacle for business productivity.
James Petter, VP EMEA, Pure Storage, said: "Data ownership is no longer just the remit of the CIO, the democratisation of insight across businesses enables them to disrupt the competition."
The impact of regulation on access to data is one of hurdles that need to be overcome. In the UK 39% of businesses said that well-meaning regulations have had unforeseen and negative consequences for their business.
In France 42% believe that changes in regulation had helped them, while in Germany 40% saying that no regulations had affected their performance.
