The UK lags behind the rest of the world in data management, with 42 % of UK organisations reporting vast quantities of untapped useful data, nearly double what the rest of the world reported (22%), according to a new survey sponsored by business analytics company SAS.
The survey, Big Data: Harnessing a game-changing asset, was conducted by the Economist Intelligence Unit (EIU). It found that companies with formal data management strategies derive more value from data assets and outperform competitors.
The survey also found that 71% of the UK enterprises had difficulty in accessing their data in a timely manner, whereas this is true for only 52% of non-UK organisations. And just half of UK respondents indicated that they have a formal data management strategy or are marshalling resources to take better advantage of big data.
SAS UK and Ireland managing director Ian Manocha said untapped data represents untapped opportunities, knowledge and ultimately profit.
Manocha added, "By analysing data effectively organisations can glean insights into their company which otherwise would remain unknown, using historical events to predict future impact of decisions on the business.
"It’s worrying that the UK seems to be lagging behind the rest of the world in reaping the rewards data can deliver. In such a challenging global economic environment the UK cannot afford to get left behind in ultilising data for the benefit of businesses and end users alike."
On a global level, the study found that only 18 % of 586 senior executives surveyed worked at organisations committed to collecting and analysing data via a well-defined data management plan. Among those strategic data managers, 64 % put nearly all that data to good use.
Moreover, 1 in 2 of those with a data management strategy stated that they outperformed their competitors compared to just 1 in 3 of those without a data management strategy. These findings clearly demonstrate the opportunity that a robust data management strategy can bring to organisations, said SAS.
SAS Chief Marketing Officer and SVP Jim Davis said that a well-defined data management plan – systematically collecting and analysing key data – is much more strongly associated with success than a disjointed data strategy.
"Nearly half of respondents said data management strategy is sponsored by the CEO or another C-level executive, underscoring data as a strategic corporate asset," he said.
Most companies understand the value of big data, yet some struggle to exploit it. The biggest barriers are too much data and too few resources, said 45 % of responses.
"With corporate data doubling yearly, optimising information management to prepare big data for business analytics is imperative in today’s hyper-competitive business environment," said Davis.
Increased use of data has made the information technology function more strategic to the business, according to 53 % of respondents and 39 % said they use data to drive strategy.
