Nearly three-quarters (72%) of business have admitted that they never use the customer data they collect, with the majority conceding that they believe it is too time consuming to do so.
That is the rather depressing conclusion of a study carried out across the UK, France and Germany by flash storage provider Pure Storage.
In its “European Big Data – Big Failure” report, the firm asked businesses whether they have gathered data including financial information, customer insights, HR statistics and other information, but not used it. Half of the respondents said this happens occasionally, while a further 22% said this often happens. Just over a quarter (26%) said they always use the data although bizarrely 2% said they did not even know.
When the 72% of firms were asked why they do not fully process the data they have, the top answer was that data processing was too time consuming (48%), while 46% said they lacked the internal skills to do so, and 30% fessed up to the fact that they did not have the proper data processing tools required. Nearly a fifth (19%) said that it was too expensive to process data.
Pure Storage estimates it is costing £2m a year in lost revenue per company for those with sales between £100m and £500m, while it could be costing £20m per company, per year, for those firms who have revenues that exceed £1bn.
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