The UK is currently investing £12 billion in advanced analytics capabilities, but Britain intends to double this figure by 2020 in an effort to reap the full benefits of Big Data. The proposal comes amidst the revelation that the UK is severely lagging behind its US competitor.
Big Data is considered one of the most integral elements of digital transformation, and entails larger, more complex data sets that exceed the limitations of traditional data-processing software. While conventional software is unable to process Big Data, the capture, storage, and data analysis could uncover key statistics regarding consumer behaviour, supply chain inadequacies, and corporate fraud.
A new report by consultancy firm OC&C suggests that 94% of the ‘best’ performing companies have a thorough understanding of advanced analytics, while just 38% of poorer performing businesses have a good comprehension of analytics. One of America’s most respected practitioners of digital communications, Danny Flamberg, recently shared some of the invaluable ways that companies can leverage the capabilities of Big Data in a podcast.
US companies have invested heavily in advanced analytics, and are subsequently leading the way with a 58% uptake of the technology. The UK rate is 10% lower than the US when it comes to embracing advanced analytics, and could be suffering as a result.
The UK are set to catch up in the race to become a technological global leader, however, and the government recently announced that the country’s digital firms are pioneering international trade growth by more than 20%. According to the OC&C report, the UK also has the potential to catch up to the US’s analytical maturity by 2020.
The data from OC&C suggests that being successful in advanced analytics is essential when it comes to digital transformation. The UK’s plans to double analytics spending is a step in the right direction, and encouraging an enterprise analytics competency could boost Britain’s place in the race to become an influential global competitor.