Just 31% of businesses have significantly restructured their operations to help put big data at the heart of every business decision”, according to a report based on research by consultancy Ernst & Young (EY).
'Becoming an analytics driven organisation to create value'from EY looks at how companies are currently using big data analytics to find, measure, create and protect value across their organisations.
According to the report, most businesses are still using analytics in an isolated way to address specific business issues, limiting the potential value to increase performance and efficiency. At the same time 50% of businesses do not trust their own data.
The report is based on a survey of 270 senior executives who responded to questions on all aspects of their data strategy. The respondents are active stakeholders in big data projects and all departmental functions and industry sectors are represented, with the majority of respondents working in finance, marketing and IT, as well as cross-departmental management roles.
Herman Heyns, EY’s Head of Big Data and Analytics, UK & Ireland commented:
“Data can be the lifeblood of an organisation if it is allowed to flow freely across the entire ecosystem. As our research shows, building the right organisational structure and governance framework to support value-driven decision making remains a challenge for many businesses out there.
“Businesses need to invest in the necessary skills, structure and data governance that will help them build a data strategy that is trusted, valued and supported by key stakeholders.”
EY said its research found that only 12% of firms are using analytics to increase cyber security, 17% of organisations “are concerned about the complexity of regulations and the risk of non compliance and 19% feared misusing data resulting in damage to corporate reputation.
In addition, 44% of firms think big data “will increase data security risks”, while 32% admitted to “being overwhelmed by data”. At the same time 50% of businesses “do not trust their own data”, EY said.
Commenting on the report, technology law expert Luke Scanlon of Pinsent Masons, said:
"There are of course good reasons why some businesses are failing to place greater strategic reliance on data-driven conclusions generated through big data analytics. The more data you analyse does not necessarily translate into better decision-making, unless you are confident that the algorithms driving the analysis are robust and that the conclusions you are making are sound.”
“Many businesses need to address questions of data quality and algorithm accountability before they can take big data analysis to the next level."
EY said its research found that only 12% of firms are using analytics to increase cyber security, 17% of organisations “are concerned about the complexity of regulations and the risk of non compliance and 19% feared misusing data resulting in damage to corporate reputation.
In addition, 44% of firms think big data “will increase data security risks”, while 32% admitted to “being overwhelmed by data”. At the same time 50% of businesses “do not trust their own data”, EY said.
Click here to download the full report
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