Almost Quarter of Entrepreneurs Still Rely on “Gut Instinct” Despite Power of Data
UK business owners who align their firm’s strategy to data state it gives them a competitive edge
Only 23% of UK businesses use data technology to make effective business decisions, despite 44% of entrepreneurs considering it to be an important influence in giving their firm a competitive edge, according to a recent survey.
The survey, which featured 600 businesses, found that although nearly half of the respondents are aware of the potential in utilising data, only 40% believe that their business is effectively doing so.
The research also shed light on what were the main barriers to businesses owners’ adaptation of data analytics; lack of knowledge in the area and an inability to distinguish what was important due to excessive sources and types was named as the biggest challenge, followed by poor quality data statistics.
In regards to what type of data was the most important to the firms using it, product data was considered the most valuable followed by customer data, financial data, spend data and finally employee data.
Charlie Clart, CEO of data technology company Rosslyn Analytic (who released the survey), commented on the results;
“It’s shocking that most organisations continue to make decisions without data… business leaders need to renew their efforts and focus on improving the accessibility and quality of data required to make informed decisions that are aligned to business objectives.
“Understanding data is key to achieving data-business alignment, where data not only informs business strategy but the business strategy also dictates the type of data owned by the organisation.”
For more information on data technology and data analytics, have a look at our sister site Startups.co.uk’s guide to the trend here.