CIOs ‘unable to extract value from data’

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The potential big data mine that many UK firms are sitting on will be of no use unless chief information officers (CIOs) and marketing experts are given the tools they need to analyse it, a new report has suggested.

According to a new study from Hitachi Data Systems (HDS), 41 per cent of British CIOs agree that current IT processes are impacting organisations’ ability to leverage data to drive growth.

Only 11 per cent of respondents felt they have enough access to business leaders to gain the traction they need to develop investment in new technology.

CRM software could be one solution for firms that are unsure how to utilise the data they are gaining about customers and buyers, but only if they have the cash needed to invest in this type of infrastructure.

Some 73 per cent of UK companies are not currently mining untapped intelligence, missing out on potentially useful guidance or predictions, HDS revealed.

Hicham Abdessamad, executive vice-president of global services at the firm, said: “UK organisations can accelerate business growth and competitive advantage by aligning IT with business strategy.”

“‘IT-accelerated’ businesses use technology as a strategic asset, helping them to derive intelligence and mobilise information, [and] enabling them to be more competitive.”

Companies that can draw on a host of different data streams to produce actionable insights will be able to find new sources of revenue, particularly as the economy begins to recover from its former malaise, concluded the HDS vice-president.

Some 90 per cent of CIOs agreed to some extent with the proposition that traditional approaches to IT are stopping companies from getting everything they could out of their big data processes.

While the initial investment can be expensive, putting off many executives, spending on software such as CRM is likely to be easily offset by the new leads it creates as long as it is implemented and utilised properly.

As many other companies begin to take this step, others may need to get involved simply so they are not left behind by their rivals.