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  • Delivering the keynote address on the 21 November Minister Pat Breen

Your roadmap to unlocking the value of your business’ data

48% of the potential economic value of Ireland’s data is yet to be tapped by businesses and the public sector. That’s €9.1 billion that could be added to the Irish economy. Digital Realty looked at Ireland’s Data Economy, where that value could come from and how businesses can tap into it.

The growing value of data to businesses and economies is undeniable. Our new Data Economy Report helps us to understand the impact that data adds to the economy and the additional value businesses can unlock.

Not only does the report give a first-of-its-kind look at the value that data adds to the economies of the UK, Ireland, Germany and the Netherlands yearly, the opportunity we’re seeing is that many businesses are yet to harness the potential that data holds for their bottom line. Consequently, they are missing a huge opportunity.

To help those businesses understand the data opportunity, we’ve been working with economic consultancy Development Economics to model data’s contribution to the economies of the UK, Ireland, Germany and the Netherlands. The report finally puts a number on a contribution that we at Digital Realty already know to be substantial – and also puts a number on the scale of the untapped potential waiting to be unlocked from better use of data.

Ireland is only delivering on 52% of its data’s possible economic value. That leaves an extra £9.1bn that could be added to the Irish economy. That’s right, £9.1bn!

With this in mind, we’ve created a road map to making data into a true driver of value:

  1. Invest in the next generation. To achieve the full potential of their data, businesses need to invest in new technologies and make sure every relevant area of operation has access to those technologies, from production lines to logistics, management of premises and R&D.
  2. Assure customers. Consumer trust around data is low. Businesses need to invest in defences against cyber-attacks, create robust and transparent policies and learn from best practice in other businesses.
  3. Plug the skills gap. The UK alone will face skills shortage of over 150,000 digital workers per year by 2020. Businesses need to proactively plug that gap by recruiting and training workers and developing training programmes – such as digital apprenticeships – targeting school leavers and returners to the workforce.
  4. Invest in the foundations. Whether it’s a business upgrading its data centre infrastructure or the telecoms providers investing in fifth generation mobile phone networks, investment is needed at the foundations of a company’s data infrastructure.

To find out more about the value that data can add to your business, click through to www.digitalrealty.co.uk/DataEconomy

Valerie Walsh, SVP, Commercial and Portfolio Management, Digital Realty

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