Unlocking data potential

Hitachi Data Systems Corporation has announced the results of its inaugural Information Innovation Index which highlights that nearly half (46 per cent) of UK organisations are struggling to extract value from information due to current approaches to IT. HDS calls for CIOs to align business objectives with technology capabilities, and leverage data to drive UK business growth.

“UK organisations can accelerate business growth and competitive advantage by aligning IT with business strategy,” says Hicham Abdessamad, executive vice president, global services, Hitachi Data Systems. “‘IT-accelerated’ businesses use technology as a strategic asset, helping them to derive intelligence and mobilise information, enabling them to be more competitive. Organisations that take a ‘Business Defined IT’ approach to information, leveraging it beyond its primary and intended use, and connecting it with other datasets, will lead the way with innovation, and benefit from the creation of new revenue streams.”

· Research suggests UK organisations are sitting on untapped intelligence
o The Vanson Bourne survey of 200 IT decision-makers from UK organisations with over 1,000 employees highlighted that 90 per cent of CIOs agree to some extent that IT’s traditional approach to storing and managing information is preventing businesses from leveraging data insights to drive growth.

o Of those who believe IT is unable to support their organisation’s growth ambitions, 63 per cent suggest the primary reason is that information is stored in disparate systems and varying formats, making it difficult to extract value.

o Consequently, 73 per cent of UK businesses are not actively mining untapped intelligence, and of those not doing so, 60 per cent have no intention to start.
o 91 per cent of CIOs believe IT could be doing more to support business leaders in their goal of leveraging data to fuel growth.

· Questions around ‘return on information’
o Of those who do not agree that IT can support their organisation’s growth ambitions, 25 per cent said one of the reasons is that CIOs don’t understand how they can extract potential value from their data.
o A further 66 per cent are not confident that people in the business have the necessary skills to act on insights.
o Only one in ten (11 per cent) strongly feel they have enough access to business leaders within their organisation to develop and execute an effective IT strategy that drives growth.
o Just 7 per cent strongly agree that their organisation is doing enough to innovate with information.
· Concerns over compliance
o The vast majority (96 per cent) feel their organisation is currently drowning in data.
o 87 per cent of CIOs agree to some extent that failing to address their untapped intelligence will lead to issues with compliance and regulation.
o A further 47 per cent believe that serious risk lies in data that is saved and discoverable.
o 74 per cent of CIOs are also concerned about whether existing data protection policies are capable of handling big data analytics.

Aligning IT to business strategy can help accelerate UK business growth
“Information can be a transformative force in business if decision-makers are able to shape what it does. By realigning the relationship between business management and IT, and tapping into the vast troves of company intelligence, organisations can quickly accelerate beyond their nearest competitors,” said Richard Gadd, regional vice president and general manager, United Kingdom and Ireland, Hitachi Data Systems. “Organisations that view IT holistically can enable greater productivity, drive new revenue opportunities, and unleash growth potential.”

Bob Plumridge, chief technology officer (EMEA), Hitachi Data Systems, said, “Information is the DNA of every organisation, and has the potential to one day have its place on the balance sheet. UK organisations should be looking at how they can transform information infrastructure to make it a true company asset.”

Companies that want to glean business insight in order to drive innovation and ensure compliance need to consider:
· Untapped intelligence can no longer be ignored: Though it can be tempting for companies to continue as they are, firms can ensure compliance and make cost savings through more efficient use of existing infrastructure, and even open up new revenue streams by interrogating untapped intelligence.
· IT is a strategic asset that needs to be maximised: As new world economics and developments in enterprise mobility continue to break apart traditional business models, business leaders need to adopt a strategy that refocuses their companies’ approach to IT in order to accelerate business growth.
· Data analytics are vital: Data analytics can highlight areas of inefficiency, map industry and customer trends, reduce costs, help provide better a customer experience and identify new revenue streams. It is essential that data is not siloed and that companies have available resources, both in terms of skills and infrastructure, for data analytics to be most effective.