- 68% of respondents experienced anxiety over challenges relating to data
- 66% say they need greater data skills across their company to improve business growth
- Nearly a third (32%) of business leaders believe a lack of in-house skills is a major barrier to data-led success
Technology company AND Digital, has launched its Fuelling Growth in an Age of Data report which explores the changing attitudes among business leaders to data driven growth in the UK.
Part of the report’s research was conducted with business decision makers from across Leeds. It found that 68% of Leeds’ business leaders have experienced anxiety over challenges relating to data, with nearly a third (32%) also stating that they lack the in-house skills to make more use of data to fuel growth.
Accessing the right talent to exploit opportunities from data was another major theme highlighted in the report. 66% of respondents acknowledged the need for greater data skills to help improve their business’ growth. In addition, nearly a quarter (22%) said they are concerned about the costs required to train and equip their people with the right skills in areas such as data analytics, data platforms, data engineering and data science/AI/ML.
Andy Goundry, Club Executive of AND Digital’s Club Adams in Leeds, commented: “In times of great uncertainty, it’s actually the ability to quickly codify business opportunities and processes into software and data that has supported many businesses in making the pivotal decisions that will shape their fortunes for many years to come. This fact is highlighted in our latest report with a substantial 66% of Leeds’ business decision makers telling us that putting data at the heart of their business strategy and plans has become even more important in the last 18 months.
“However, as well as the importance of data, the report also reminds us of the important role that people continue to play in an increasingly data driven economy – after all, technology alone can only take us so far. In an age where growth will be fuelled by the effective understanding, use and application of data, it’s vital that businesses do everything they can now to nurture and invest in an in-house talent strategy, placing data at the heart of business operations and opportunities. Those that make the necessary investments in talent now will gain huge competitive advantages in the near future. It’s with this challenge in mind that AND Digital has set itself the mission of directly improving the digital skills and knowledge of 200,000 people by 2025.”
Other barriers to using data
As well as lacking the necessary skills to leverage data driven opportunities and growth, over a third (34%) said that data security was their biggest barrier to becoming more data driven, with nearly a quarter (24%) highlighting the cost implications to their business. Unsurprisingly anxieties around data compliance and regulation were seen as barriers to for nearly a third (32%) of decision makers.
In addition, 72% of respondents admit they lack the right technology to be considered data-centric, with one in five (20%) saying legacy infrastructure is holding them back.
A strategic approach
For the Leeds economy there was some positive news with the majority (76%) of respondents saying their business currently has a data strategy in place. A further 68% also agreed that the use of data is at the core of their organisation’s business operations.
However, some room for improvement was highlighted, with a small number of respondents (14%) stating that their executive team has a poor understanding of the data opportunity.
Full analysis of the survey can be found in the AND Digital report ‘Fuelling growth in an Age of Data’ – available here.