European organisations are storing more data but, because they don’t have the systems and processes required to access it, are missing out on opportunities worth millions, warns flsh storage provider Pure Storage.
Its new report, European Big Data – Big Failure, states that 51% of European businesses have missed opportunities they didn’t see coming because they lacked accurate information; 78% say they could boost their performance by at least 21% by accessing insights faster.
Almost three-quarters (72%) admit that they collect data but never use it. Half (48%) say this is because data processing is too timeconsuming, and one in five (19%) because it is too expensive to process.
James Petter, VP EMEA of Pure Storage, said: “The reason we’re seeing these trends emerge is because it is now cheaper for businesses to retain the data they are collecting, than to destroy it – so the volume of data a business holds is growing rapidly. But at the same time, it is complicated and costly to access usable information fast enough to make a difference.”
With 56% of companies surveyed identifying bureaucratic red tape as the most serious obstacle to business productivity, Petter is calling on businesses to free up access to data.
He said: “Bureaucratic red tape around access to information is preventing companies from using their data to fid those unique pieces of insight that lead to great ideas. Data ownership is no longer just the remit of the CIO; the democratisation of insight across businesses enables them to disrupt the competition.”