Importance of data to UK companies highlighted in government report
The importance of data to the UK economy has been underscored in a report published by the UK Government that found that the vast majority of businesses collect and use data of some kind.
Of the 4,500 companies surveyed, 81 per cent said they handle digitised personal data, digitised non-personal data, or both, with the use of such information increasing to 100 per cent as businesses become larger.
Around three quarters of businesses said they collect data from sources other than employees and, of those, 93 per cent said the information comes from people volunteering information, for example if a new customer registers with them.
Non-personal data, such as sales or stock-level information, was also found to be common, with around half the survey’s respondents saying they generate that type of data.
The report, which was compiled on behalf of the government by market research company IFF Research, found that the use of data has become more prevalent in recent years and that most businesses have found using it to be beneficial.
“Around half the businesses that use digital data said that data had become more readily available in the last 10 years,” the report states.
“We asked these particular businesses about the advantages this gave them and around half said that it had enabled them to innovate and perform new functions.
“An even larger proportion, around 60 per cent, said that it had led to efficiency improvements.”