Make the Most of Your Data

Is your business making the most of its data?

Over the last three years, businesses demonstrated incredible ingenuity, rapidly embracing technology and innovation. This rapid technology adoption is driving new operations and increasing the importance of technology in day-to-day business. 

A by-product of this technology adoption is the widespread availability of data for UK PLC. But, research from our Tech Tracker report highlights that businesses now have more data than they know what to do with. As many as 33% of businesses are not making full use of their data to achieve critical goals, whilst DCMS research highlights that only 26% of companies use their data to generate business insights.

Without a clear path to use data strategically, UK firms are sitting on a productivity and growth goldmine lacking the tools or knowledge to realise its full potential. 

To make matters worse, UK businesses are facing several burdensome headwinds, from rising energy costs to workforce concerns, inflation, and supply chain disruption. Effective use of data can help businesses understand, plan, and manage these pressures in a disruptive environment. 

What is Make the Most of Your Data?

The latest CBI project is a business-to-business work programme that looks at current data challenges amongst UK businesses – and supports your business in implementing industry-leading solutions to stay ahead in an increasingly tight market. 

The CBI will bring together business leaders to:

• Identify common business challenges in using data effectively
• Share best practice and develop innovative solutions across the economy.  

The CBI wants to deliver a competitive, dynamic, and innovation-focused economy in the decade ahead. Widespread and effective data use among UK businesses will be crucial in achieving this ambition

A vital part of the CBI’s commitment to this is to provide members with practical guidance, utilising our cross-economy convening power to unite the business community and develop solutions that enable UK PLC to move closer to this economic vision.

By identifying concealed shared challenges and bringing together the expertise and insights across the UK economy, Making the Most of Your Data will develop insights and practical solutions to assist members in using data effectively.

Over the next few months, Make the Most of Your Data will address these questions by:

• Engaging businesses in one-to-one interviews and hosting a roundtable to identify the most pressing challenges to effective data use
• Bringing together additional roundtables on the top three challenges identified by businesses to develop innovative solutions and share best practice  
• Developing practical guides and case studies to help you work with your data efficiently.

How can you Make the Most of Your Data?

Are you currently struggling to Make the Most of Your Data? Or are you a sector leader in innovative data use? What are the biggest barriers you face to using data in your business? What innovative solutions have you developed to use data effectively?

• Speak to Charlie to register your interest in joining the roundtables – or arrange a private meeting to share your data story. We want to hear from you wherever you are on your data journey – from the challenges you’re facing to the innovative solutions you’re implementing
• Read our Tech Tracker report to learn more about the technology UK businesses are adopting and the challenges they face – including making the most of their data.