Almost half (46%) of UK organisations are struggling to extract value from information due to current approaches to IT. As many as 87% of CIOs fear that failing to address their untapped intelligence will lead to issues with compliance and regulation, according to a research.
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The Information Innovation Index study by Vanson Bourne, commissioned by Hitachi Data Systems, found that 73% of UK businesses are not currently mining untapped intelligence because only 11% of CIOs felt they have access to business leaders to develop and execute effective IT strategy.
Furthermore, 91% of CIOs believed IT could be doing more to support business leaders in their goal of leveraging data to fuel growth.
About two thirds (73%) of UK businesses are not actively mining untapped intelligence, and of those not doing so, 60% have no intention to start, the study showed.
When it comes to big data, IT is still stuck with data volumes and data storage and is not going beyond it to assess the value of the data they have, said Robert Bamforth, principal analyst at Quocirca.
“The trouble with IT is that they are caught between budget cuts and everyday IT management to re-evaluate their big data strategies,” Bamforth said.
Businesses struggle in data management and to extract value from information due to current approaches to IT. This comes at a time when experts say information is a strong business asset.
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Information can be a transformative force in business if decision-makers are able to shape what it does, according to experts discussing the Information Innovation Index. “By realigning the relationship between business management and IT, and tapping into the vast troves of company intelligence, organisations can gain a competitive advantage,” said Richard Gadd, regional vice president and general manager for UK, HDS.
Organisations that view IT holistically can enable greater productivity, drive new revenue opportunities, and unleash growth potential, experts said.
“Information is the DNA of every organisation, and has the potential to one day have its place on the balance sheet. UK organisations should be looking at how they can transform information infrastructure to make it a true company asset,” said Bob Plumridge, CTO of HDS.
Experts called on the CIOs to align business objectives with technology capabilities, and leverage data to drive UK business growth.
“In today's competitive marketplace your data is your most important asset. Can any business afford the risk of not capitalising on it?" asked Ray Ford, CTO, Accident Exchange who employed a data mining strategy for business benefits.
Another CIO, Myron Hrycyk from Severn Trent water company, is also yielding benefits of turning information into valuable data driving business decisions. “Our goal is to help our customers use water wisely and save on utility bills,” Hrycyk said. “We beat data challenges by analysing data and categorising them.”
Severn Trent categorises data as customer data, in-house data and asset data using HDS products. This, alongside its virtualised desktop estate, helped the IT use real-time data for business benefits.
Data analytics can highlight areas of inefficiency, map industry and customer trends, reduce costs, help provide better a customer experience and identify new revenue streams, experts said. It is essential that data is not siloed and that companies have available resources, both in terms of skills and infrastructure, for data analytics to be most effective, they added.