With almost three quarters of mid-market businesses (72 per cent) treating information as a business asset, it is clear that awareness of the value information can bring to an organisation is high. Yet, because they focus primarily on protecting it, many businesses fall short of unlocking the full value of their information. Our research with PwC highlighted how businesses prioritise avoiding a data breach is over driving innovation or using their information to gain customer insight, though businesses are getting good at the latter and it is emerging as a key use of information.
Whilst the protection of information is vital, it shouldn’t be locked up away from those who might exploit it for insight and value. Getting the balance right between protection and driving value is key and one need not be sacrificed at the expense of the other.
Companies who get the balance right have realised huge gains in improved decision making and better customer understanding. Where there is willing to unlock the true potential of information, the need to protect it should not act as an impediment.
Find out more about how businesses have harnessed the value of their information: Download the research reports that PwC prepared to accompany the 2014 Risk Maturity Index from: ironmountain.co.uk/risk-management.