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UK businesses can lead Fourth Industrial Revolution

(Image credit: Image source: Shutterstock/everything possible)

Britain could be set to be one of the global leaders when it comes to the so-called Fourth Industrial Revolution, while others follow, research has claimed. 

That's according to the UK Fourth Industrial Revolution Report, based on a poll of 250 of the UK’s largest data-driven organisations by Big Data London, which adds that Brexit could also be seen as an opportunity to boost revenues.

The report says that four times as many UK organisations use data to analyse existing customer engagement and loyalty as to develop new products. Almost all UK enterprises have a data strategy for the Fourth Industrial Revolution, however 48 per cent have been delivering against it for the last 12 months.

Looking at the skills gap, 60 per cent of respondents said they will identify and redeploy staff with transferable skills, while two per cent said they would outsource.

For data leaders, enterprise information management, self-service data preparation and cloud platforms are the technologies they need to grow their business.

When it comes to Brexit, it’s a mixed bag. Just 10 per cent see their organisation becoming less competitive globally. At the same time, 38 per cent said they’ll have less access to data from European partners. More than four in ten (44 per cent) believe Brexit will boost innovation in their organisation’s data usage, and 32 per cent believe the country can create its own world-class legislation.

Alan Mak, Chair of the All-Party group on the Fourth Industrial Revolution, said: "As Chair of Parliament's all-party group on the Fourth Industrial Revolution (4IR), I welcome this research that looks at how Britain can use data to drive economic growth. This report draws much needed attention to how British businesses can use data for product design and process innovation, adding value in new ways, lowering costs, and giving more choice to the consumer. Data will be as important to the British economy in this century as oil was in the previous one, so it is vital that as we prepare for Brexit we invest wisely in the skills and new technologies needed to harness the opportunities of the 4IR."

The full report can be found here.

Image source: Shutterstock/everything possible