UK businesses will not be following the government focus on transparency by sharing their data online, according to a survey commissioned by Informatica and conducted by independent research firm LM Research.
The survey looked into attitudes of the UK businesses towards government plans to open up data online, and found that 68% of UK companies would not be prepared to open up access to their own data. This is despite recognising the commercial benefits that could be gained by supporting greater information sharing.
According to the survey, reasons of concern include corporate privacy (43%), protection of intellectual property (32%) and concerns that online data may be mismanaged (29%), which could result in poor quality information and a loss of data value.
Despite their reluctance to share their own data, 83% of businesses surveyed believe they should be entitled to greater access to public sector data, which they would use it to identify new commercial opportunities. Sixty one percent of the respondents have no concerns around the exposure of public sector data and 32% believe that access to this data should be a right for businesses and the public.
In addition, 46% think that greater access to public data would provide commercial insight and 43% believe access to this data would provide practical business benefits. Seventy eight percent of the businesses said that they would utilise the data as a point of reference when making future investment decisions and 76% would use it to build knowledge of their customer base.
John Poulter, senior vice president of EMEA at Informatica, said: "Whilst the value of increased access to data is clear, it’s understandable that businesses worry about what competitors would be able to do if they opened up the windows to their world. Standards must be set and practices put in place to enable companies to use their data to enrich the business community.
"By harnessing their own data and sharing information, businesses could build their customer knowledge even further, providing potential customers with greater insight into their business, whilst at the same time ensuring that confidential data remains protected."
