Half of businesses are missing opportunities due to poor data analysis
More than half of businesses have missed opportunities they didn’t see coming because they lacked accurate information at a time when they really needed it. That’s according to the European Big Data – Big Failure report released by Pure Storage, a Silicon Valley-based flash storage provider.
European businesses face a dilemma: 78% of them believe they could boost their performance by at least 21% if they could access insights faster, but more than half (51%) said they’d lost an opportunity that they’d not seen until it had already gone. Nearly a third (31%) had it happen more than once a year and almost a fifth (19%) saw it happen a few times a week. The report shows also that this equates to a significant loss – up to £2 million a year in lost revenue per company for those with sales between £100 million and £500 million, and considerably more for those earning more than £1 billion: an estimated £20 million per company, per year.
Pure Storage VP for EMEA James Petter said: “The reason we’re seeing these trends emerge is because it is now cheaper for businesses to retain the data they are collecting, than to destroy it – so the volume of data a business holds is growing rapidly. But at the same time, it is complicated and costly to access usable information fast enough to make a difference.”
Only 13% of SMEs offer the big three online services
A study of small businesses found that only 13% offer the three online services most demanded by consumers: click and collect, online payments and the ability to browse products.
The research, commissioned by Nominet – the internet company best known for running the .uk internet infrastructure – shows that many SMEs remain out of date when it comes to meeting modern customer expectations.
Some businesses recognise the importance of being online, with 51% believing they would lose customers to competitors who maintain an online presence. The need to do better is also clear, as only 55% of respondents think they are meeting their customers’ online expectations.
Nominet CEO Russell Haworth says: "This Small Business Saturday, we urge small high street businesses all over the UK to ensure they are up to date with the changing expectations of their customers. If a business doesn’t have a strong online presence – something which is now clearly expected of them – then customers may choose to shop elsewhere. While high street businesses can’t all expect to become the next online retail giant, having a basic landing page with opening hours, contact details and a list of stock, services and prices, should be seen as an essential marketing tool to get customers through the door."