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Businesses and Data: Metric Developed by PwC Ranks Businesses on Using Data for Competitive Advantage
Businesses are increasingly acquiring more data than ever before, but despite intentions to adopt big data and analytics, very few businesses ever get any benefit from the data that they store. Just 4 percent of businesses are actually successful in deriving meaningful information from the stored data.
Elizabeth Bramwell, director at Iron Mountain, said that “a staggering one in three of companies are getting almost no value from the information that they’ve got. This is at odds with what they say. When we speak to them, they think they are getting value from the information. There is a big gap in what they believe they’re doing and what they are actually doing… How businesses think and talk about their information has changed. The conversation is bigger now. Risk and reputation still feature prominently, but the discussion now includes the idea that making the most of information can improve operations, open up new opportunities and help secure competitive advantage.”
A study by PwC and Iron Mountain created a scoring system called the Information Value Index that was designed to measure how well businesses are managing their information with a goal towards competitive advantage. The average score of businesses was just 50.1 out of a total possible score of 100.
Richard Petley, director at PwC, commented on the results of the survey, saying that “every transaction with a customer and every interaction with a stakeholder delivers market intelligence, customer insight, an opportunity for innovation and the potential for profit. Yet our Information Value Index shows that only four in a hundred businesses are sweating their information assets to create competitive advantage. When it comes to information management, many of the world’s leading organisations don’t know what they don’t know and aren’t trying to find out. In a 24/7 digital world, information is insight and insight are power and the falling cost of technology means it has never been easier to harness information and use this like any other asset in the business. The introduction of our Information Value Index sets a new benchmark against which organisations can measure how their information assets are being exploited.”
