According to a new survey from Pure Storage, one of the world’s leading data flash storage companies, Brexit has caused UK businesses to fall behind their overseas competitors in term of their digital transformation strategies.
According to the survey, over 75% of businesses in the UK say that Brexit has been a disruption in their ability to plan and invest in technological innovation. This has resulted in many UK businesses being left in what Pure Storage calls a “technology investment limbo” as they are confused just how to proceed when trying to boost innovation when both Brecht and the new European Union General Data Protection Regulations are looming.
GDPR in particular is a worry according to the report and despite many companies reporting that data is more important to their work than ever before, many are not preparing adequately for its implementation on May 25 2018. This is despite over 70% of respondents saying that they thought data was so important to them it should be shown on their balance sheet as an asset. 65% of businesses said that the data is more valuable to their business than their actual employees.
Failure to prepare for the new European Union General Data Protection Regulations however could prove costly, with fines being much higher than they are now. Businesses who fail to comply with the General Data Protection Regulations could see them being issued with fines of up to €20 million or 4% or annual global turnover – whichever is higher. This could put many companies out of business and even if not, severely hamper their ability to operate.
Speaking about the survey, James Petter VP EMEA of Pure Storage said that the lack of technological development by UK businesses was not down to a lack of ambition or desire, it was because of the amount of new data demands being placed on them.
“UK businesses are clearly motivated to embrace digital, but in their desire to respond to customer demand, innovate quickly and forge new business models, storage and IT resources are being overwhelmed by new data demands.”
The survey also showed that the demand for data is also another area that has shown a significant surge. Almost 75% of those surveyed say they have seen more demand for real-time analytics and interactive simulations than in 2016.
“In today’s cloud era being data-driven is the new normal. Organisations need a data platform that enables them to capitalise on new insights from data simply, in real-time, across multiple cloud-environments. There is no ‘one-size-fits-all’ and choice and flexibility is key to successful digital transformation – not only for individual businesses, but the UK at large.”