Here's how big data could save you big money

Over half of businesses have missed opportunities they didn’t see coming because they lacked accurate information at a time when they really needed it, costing them up to £20 million per year. That’s according to the European Big Data – Big Failure report, released today by Pure Storage, a flash storage provider based out of Silicon Valley.

European businesses face a dilemma: 78 per cent of them believe they could boost their performance by at least 21 per cent if they could access insights faster. But over half (51 per cent) said they’d lost an opportunity that they’d not seen until it had already gone.

Nearly a third (31 per cent) had it happen more than once a year, and almost a fifth (19 per cent) saw it happen a few times a week. The report shows also that this equates to a significant loss – up to £2 million a year in lost revenue per company for those with sales between £100 million and £500 million, and considerably more for those earning more than £1 billion: an estimated £20 million per company, per year.

Almost three-quarters (72 per cent) of companies have admitted that they collect data but never use it. Half (48 per cent) say this is because data processing is too time consuming, and one in five (19 per cent) because it is too expensive to process.

Over half (56 per cent) of companies surveyed said bureaucratic red tape was the most serious obstacle for business productivity. One in ten of the companies Pure spoke to cited data protection concerns as holding up their dissemination of information and data throughout their business. With the EU General Data Protection Regulation being implemented soon, this will affect every single company that stores data.

Regulations have had the largest negative effect in the UK with over a third (39 per cent) of UK businesses saying that recent well-meaning regulations have had unforeseen, negative consequences for their business or industry. France has been most assisted by changes in regulations with 42 per cent saying these have helped their ability to do business. Germany is the most positive about regulators with 40 per cent of businesses saying that there were no new regulations in their industry to affect their performance, and over a quarter (26 per cent) saying that regulations of a different industry has had a positive impact on their business.