Tom Keighley

Big Data webcast looks at analytics opportunities

One in five large UK businesses have attached financial value to their data, research from business analytics software firm SAS.

The Centre for Economics and Business Research (Cebr) recently suggested big data could add £216bn to the UK economy, as reported on Bdaily.

44% of CFOs surveyed by Dynamic Markets for SAS said good use of data can drive growth for the business, and among large organisations, this figure rose to 57%.

Today at 1pm, SAS are hosting a webcast to discuss the opportunities presented in Big Data, which will be streamed here.

Another study by the Economist Intelligence Unit (EIU) for SAS, ‘Big Data II: Lessons from the Leaders,’ found just 16% of UK businesses have a well-defined data management strategy in place.

65% of organisations said data management strategies sit with IT, rather than being seen as a business issue.

The same study also found demand for big data skills will outstrip supply, with 47% of respondents to the EIU study citing a lack of analytical skills as the biggest barrier they face.

Mark Wilkinson, UK managing director, SAS UK & Ireland, said: “The fact that organisations recognise the value of data more than they did five years ago illustrates a new paradigm; that big data is the new ‘corporate gold’.

“Organisations that demonstrate their understanding of what we call ‘data equity’ by giving it value on the company balance sheet are already seeing dividends in terms of company performance and strategic decision making. It’s time that business leaders embrace high-performance analytics more widely to unleash the true value of data and drive business innovation, creation and efficiency.”

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