Organisations value their digital data at £664,000 and the potential increase in annual revenue from operationalising that data is more than eight times greater at £5.58 million. The financial impact of using voice-activated artificial intelligence in data management is estimated to be on average £2.02 million.
This is according to two separate surveys of UK-based, IT decision-makers. The findings of these two surveys suggest that there is a lot of potential in data that remains untapped and significant financial gains yet to be made from it.
It seems that IT decision-makers are willing to spend almost seven figures to get to that untapped potential. On average, respondents expected to allocate £996,000 to operationalising data in five years’ time.
The first survey asked respondents to estimate the monetary value of their digital data in the context of securing and safeguarding data, as well as the possible impact on the business of a data breach, data loss or denial of access.
"45% of data collected and generated was unutilised."
The results of the second survey suggest that organisations are not gaining the benefit of more than half of the data the company holds. UK respondents said that, on average, 45% of the data collected and generated by their organisation was actually utilised.
It also found that 78% agree that their organisation has more data than ever before, but is struggling to harness it to generate useful business insights. Respondents said that, on average, just 44% of the decisions in their organisation are made on a data-driven basis.,
According to Gaurav Dhillon, CEO of SnapLogic which commissioned the second survey, part of the answer to unlocking the potential of data is investing in data literacy. He said: “Businesses understand that dedicating time, money and talent to data will lead to long-term revenue gains. The enterprises that act now to spread data literacy throughout their business will be the ones to thrive.”
The first survey was carried out by Censuswide and commissioned by OGL. The second was conducted by Vanson Bourne.