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DATA NEWS: Businesses are ignoring big data

Businesses are failing to utilise big data and are opting for intuition instead, according to a report by Nesta.

The Rise of the Datavores reveals four out of five companies don’t use analytics to make decisions affecting sales, while 43 per cent mostly base decisions on experience and intuition. Only 18 per cent of those surveyed said they were ‘data-driven’.

Hasan Bakhshi, director of policy and research at Nesta said, “The time is not far away when a business that doesn’t analyse its online data will seem as backward as a supermarket without bar-codes or a factory without electricity. Online analytics are transforming how businesses develop new products, set their prices and do their marketing – and they’ll increasingly drive their profitability.”

500 businesses were surveyed to create the report and it is available to view as an infographic.