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Businesses expect shortfall due to GDPR and Brexit

Companies are concerned that the UK’s departure from the EU and new data legislation will impact revenue – but IT can help

UK company leaders are bracing themselves for a fall in revenues next year, but are planning to tackle the problem by investing in IT, according to a survey by Censuswide for MHR Analytics.

When asked which factor was the most likely to trigger a fall in revenues next year, 57% cited Brexit, 22% said reduced consumer spending, and the third most popular category was the impact of new legislation such as the EU’s General Data Protection Regulation (GDPR).

However, the survey of 200 businesses – for MHR Analytics’ Data surge report – found that 59% of companies are planning to increase their spending on IT.

Many of the organisations polled failed to recognise that successful data management can reduce operational overheads, with only 4% citing reduced administration as a benefit.

When asked to name the top benefit for successfully managing company data, 25% cited more accurate decision-making. The next most significant advantages chosen were product development and optimised offerings (22%), a better understanding of business information (20%), and increased profits (16%).

An overwhelming majority (96%) of the companies polled said they saw big data as critical to their company’s future.

Of the businesses surveyed by MHR Analytics, 34% said they would definitely be hiring a data scientist or specialist, and 45% said they were considering such a move.

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Nick Felton, senior vice-president at MHR Analytics, said: “It is now clear that 2019 will be the year of the data surge, with eight in 10 companies seeking specialist skills and expertise to help navigate potentially uncertain market conditions.

“A good data strategy can improve efficiency across the whole organisation. IT can provide unrivalled visibility into real-time business information and help identify future opportunities, as well as potential risks to profitability.”

Read more on Big data analytics

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