UK firms are missing out on new business insights from Big Data, with only a fifth (20 percent) investigating using three or more data sources, according to research commissioned by Teradata.
Alarmingly, only 33 percent of UK companies say they are “actively investigating” more than one type of new data - such as social media, sensor data or video, compared with 55 percent of firms in France and Germany.
The Teradata research saw 300 C-level executives at enterprise companies across the UK, France and Germany questioned about analysing data from the likes of social media, web blogs, video, call centre notes, audio files and sensors in the Internet of Things, HTML and XML.
Overall, said Teradata, UK executives "registered lower levels of engagement with data analytics or reported less advanced use".
Duncan Ross, director for data sciences at Teradata International, said: “The survey results indicate that UK companies are falling behind their competitors in Germany and France in the use of the new types of Big Data and the evolving techniques of analysis.
“The gap in performance means UK companies need to seize this opportunity and obtain the right expertise to fulfil their potential in what will be the most important arena of business in the 21st Century.”
Among UK executives, the largest group (33 percent) said their main goal in using new data types is "improved accuracy", compared with 27 percent of companies in France and 41 percent in Germany. Most executives in Germany (56 percent) said they are using data analytics to "reduce the time in receiving results", a considerably larger response than the 34 percent in France and 28 percent in UK.
Companies in France and Germany put more stress on efficiency gains than those in the UK, with 57 percent of executives in France and Germany saying their goal in using new data analytics was to “increase efficiency and reduce people time”. In the UK, by contrast, 24 percent cited this as an aim.