Lapsed data information leading to substantial financial losses of approximately £20 million for businesses due to overlooked opportunities.
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European businesses are facing a significant challenge in accessing and utilizing big data effectively, according to a recent study by Pure Storage. The report highlights that approximately 56% of surveyed businesses identify bureaucratic red tape as the most significant obstacle to productivity, while nearly a third of businesses experience losing opportunities more than once a year due to lack of timely insights.
The study suggests that the annual loss for companies with sales between £100 million and £500 million is up to £2 million in lost revenue per company. This loss can be even more substantial for larger businesses, with an estimated annual loss of £20 million for companies earning more than £1 billion.
One of the key issues highlighted in the report is the siloed nature of data within businesses. Modernizing data infrastructure to integrate these silos into unified, governed platforms can help break down these barriers and streamline data access across all roles. This, in turn, enables safer and more effective AI and analytics adoption.
Another crucial aspect is adopting a multi-jurisdictional compliance strategy. Building on the EU General Data Protection Regulation (GDPR), businesses should prioritize data protection and privacy as competitive advantages, including transparency and user consent mechanisms. Investing in compliance tools and expertise is also essential, particularly for Small and Medium-sized Enterprises (SMEs) without deep internal resources.
Embracing an ethical data culture is equally important. This involves promoting responsible innovation and transparent decision-making to foster trust and reduce risk. Encouraging workforce learning and inclusiveness ensures that employees at all levels can safely experiment and utilize AI-powered data insights to enhance business outcomes.
Preparing proactively for regulations like the EU Data Act is also key. Updating product designs and data-sharing policies to ensure user access to data and flexible data portability can help businesses avoid fines and enable new business opportunities.
In sectors like manufacturing, where Europe has a strong industrial base, big data adoption can improve production quality, supply chain efficiency, energy use, and sustainability—key performance drivers. Partnering with expert firms offering data integration, analytics, AI, and visualization solutions can accelerate capability building and insight generation.
Germany, with its positive outlook on regulators, offers a promising landscape for businesses. Forty percent of businesses in Germany report no new regulations affecting their industry's performance, and more than a quarter (26%) report that regulations from a different industry have positively impacted their business.
By combining these approaches—technical modernization, regulatory readiness, culture change, and expert partnerships—European businesses can unlock big data’s full potential to avoid missed opportunities and boost performance.
[1] Pure Storage. (2021). The State of Big Data in Europe: A Pure Storage Report. Retrieved from https://www.purestorage.com/resources/research/the-state-of-big-data-in-europe
[2] DataArt. (2020). Data-Driven: A Guide to Succeeding in the Data Economy. Retrieved from https://www.dataart.com/resources/ebook/data-driven-a-guide-to-succeeding-in-the-data-economy
[3] SoftServe. (2020). The Future of Data in Manufacturing. Retrieved from https://www.softserveinc.com/blog/the-future-of-data-in-manufacturing
[4] ELEKS. (2020). The EU Data Act: A New Era of Data Sharing and Data Portability. Retrieved from https://www.eleks.com/blog/the-eu-data-act-a-new-era-of-data-sharing-and-data-portability
[5] McKinsey & Company. (2020). The AI-powered enterprise: How AI can deliver value across industries. Retrieved from https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/the-ai-powered-enterprise-how-ai-can-deliver-value-across-industries
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