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New research raises the commercial value of big data

Imperial College Business School data argues that more needs to be done to commercialise data.

New research published yesterday in ‘Catalysing Economic Growth: Releasing the Value of Big Data’, carried out by Imperial College Business School, with funding from the Engineering and Physical Sciences Research Council (EPSRC) and the Economic and Social Research Council (ESRC), has found that more needs to be done for the UK to benefit from the Big Data revolution.

According to the research data-based capital contributed just 0.015 per cent to UK GDP between 2013 and 2016 with fears around losing data control and possible data leaks contributing to companies choosing to simply store vast quantities of data rather than sharing and turning data into a valuable business asset.

The research identifies a lack of data sharing and trading, the legal and regulatory environment and the issue of who owns data as impediments to organisations realising the commercial value of big data. The report argues that turning data into a widely traded and valuable commodity requires a clearer regulatory framework and low-cost data trading mechanisms.

techUK sees huge potential for Big Data and Data Analytics to contribute to economic growth, increased productivity and job creation across the UK. It is predicted that Big Data and IoT will contribute 2.7 per cent to GDP by and create an additional 346,000 jobs across the economy by 2020[1] . Given the opportunities big data offers organisations, in both the public and private sectors, it is important that an environment is created that supports and enables organsiations to unlock,explore and use the power and value of their data.

Throughout 2016 we are continuing to highlight and advocate the value of big data to UK organisations and help to provide advice and support on how best to approach implementing Big Data strategies through techUK’s Big Data in Action Roadshows. Spaces are still available at the next roadshow which will take place on 1 June in Bristol before the roadshow moves to Manchester in the Autumn. For more information on techUK’s work on Big Data and the opportunities to get involved in the roadshows please contact Jeremy Lilley.

[1] Tech Partnership (October 2014) Big Data Analytics: Assessment of Demand for Labour and Skills 2013-2020. Retrieved from https://www.e-skills.com/Documents/Research/General/BigData_report_Nov14.pdf

 

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