The consultants say companies need to create conditions to to get more value out of data

Companies don’t yet reap sufficient benefits from the growing availability of data, according to a new survey.

A study by Sopra Steria Consulting, which polled companies in German speaking countries, found that 43 pc of managers cite deficits in their understanding of the subject matter, while 31 pc say they lack expertise when it comes to new disciplines such as advanced analytics and artificial intelligence.

The management consultants said a majority of companies is only just starting to build up the know-how required to use unstructured data for analytical purposes. Only one in four companies is actually getting value out of data.

Sopria Steria data expert Lars Schloemer said companies now have the ability to capture data. But he added: “It is key to create the necessary preconditions to create additional business value through information.”