Hitachi Data Systems recently launched its inaugural ‘Information Innovation Index’ (III), a UK research report based on the insights of 200 CIOs and IT decision-makers from UK organisations with over 1,000 employees (undertaken by independent UK technology market research agency, Vanson Bourne). The research explores current approaches to IT and how they are thwarting companies’ ambitions to leverage data to drive innovation and business growth.
The research finds that current approaches to IT cannot support business by leveraging insights from data:
· Nearly half of UK CIOs (44%) do not believe that IT is able to support their organisation’s ambition to innovate by extracting value from data
· 25% said one of the reasons why is because CIOs don’t understand how they can extract potential value from their data
· 46% agree that outdated IT processes are impacting organisations’ ability to leverage data to drive growth
Because of this, companies are not mining data and are instead hoarding it:
· 73% of UK organisations are not currently mining untapped intelligence which has the potential to drive growth, and of those not doing so, 60% have no intention to start
· Nearly half (46%) of UK organisations are therefore self-confessed ‘data hoarders’
Consequently, 91% of CIOs believe IT could be doing more to support business leaders in their goal of leveraging data to fuel growth.
HDS calls for CIOs and business leaders to work together to define IT strategy which can accelerate growth and create business advantage:
“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.”