One in Five European Firms Not Planning to Use Big Data

Europe is drowning in the big data maelstrom.

New research reveals that across Europe, mid-market firms are struggling to cope, overwhelmed by the sheer volume and variety of information impacting the business. They are finding it hard to harness the potential of big data for business benefit.

The survey, commissioned by information management company Iron Mountain Incorporated, found that half (52%) of managers who believe that big data could bring real benefits to their business have no idea what they should do to achieve this. Of the 21% of respondents who say they have no plans to use big data, a large proportion (38%) say this is because they don’t know how to harness the sheer volume of incoming information. A small but significant number (10%) of respondents say that senior executives do not believe there is an issue. This figure rises to 21% in the manufacturing sector.

The study questioned 760 operational managers in IT, marketing, customer service and legal departments across five business sectors in France, Germany, Hungary, the Netherlands, Spain and the UK.

"Our study wanted to get beyond the hype of big data to discover how those who are, or will be responsible for the day-to-day management and use of big data feel about it," said Marc Delhaie, PDG, Iron Mountain France. "The good news is that most of those we interviewed are very positive about the potential of big data and can see where it would benefit their business. The bad news is that many are falling at the first hurdle and simply don’t know where to start when it comes to managing the sheer volume and velocity of data so that they can realise its value."

He added: "The challenge of big data is not one that can, or should, be solved in a day. The information landscape is changing at such a pace that what is right for a business today could well be wrong tomorrow. The research results underline a need for companies to put in place a structured approach to getting the flow of big data under control. Although this represents a new and evolving challenge for businesses, the classic principles of information management still apply. Clear business goals should form the foundation of any strategy, with segmentation and prioritisation of data making the undertaking more manageable."

Iron Mountain has released a 12-point action plan to help businesses better manage big data. Based on sound information management principals, the action plan provides practical advice on how to reduce the enormity of the task at hand, how to structure information to make it more manageable, and how to reap the business benefits that big data can provide.

Top tips/viewpoint

Shrink the problem: make the challenge manageable. The world of information is changing so rapidly, trying to find the perfect solution that addresses every eventuality is impossible. Decide on the information of greatest potential or risk to your business and focus time and resources on that.
Have a plan for what’s left. Segment your information by tools and handling processes. Then have a spring clean of unneeded back documents or junk email (which will probably free up between 30 and 50% of the data space on your servers). This will make valuable funds or space available to store more important stuff.
Establish robust, scalable, big-data-resilient information management systems: that will help you to channel, analyse or archive unstructured digital content such as emails and social media.
Know your legal obligations. In technology, law always lags behind practice and it is particularly important to understand emerging law around social media, real-time customer ‘context’ or location-based data and similar content.
Avoid analysis paralysis. Big data does not render judgment or intuition obsolete. Big data volumes have immense potential for improved decision-making it can also cause delay as managers try to sift through thousands if not millions of data points to make a decision.
Opt for progress over perfection. Getting something in place is the most important. Design your information management policies in good faith and then implement them consistently across the business. Information management is a rare thing in that it touches everybody in a company so it is vital to get all employees on board. The cost of training and roll out is almost always higher than the initial outlay.
Make it easier to see your information. People want information processes to be painless, transparent and easy to use. Ensure people understand how to search and analyse data, for example by consolidating information formats and digitising paper records.
View your information in context. Data is isolation is essentially worthless. Don’t get so lost in the detail you lose the bigger picture.
Know where your data is and when and who is accountable for it. Always.