data technology

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... »