Business chiefs of the future will need to have a deep understanding of data analytics or face extinction, according to a new study which shows 81% of UK executives believe data knowledge will be a prerequisite for senior management.
But according to the Guts & Gigabytes report, published by PwC and written by the Economist Intelligence Unit, senior business leaders in the UK are still using their intuition and experience, as well as the advice of others in their companies, over and above data and analytics.
Despite a generally positive attitude towards the use of data and analytics, many UK business leaders remain concerned about data quality and information overload. Some 41% say they are concerned about quality, accuracy and completeness of data and 41% find it difficult to access useful data.
Most telling, however, is the influence of negative past experiences. British executives reveal greater scepticism about the value of data analysis, compared with their overseas counterparts. Some 61% say that relying on data analysis has been detrimental to their business in the past, compared with 34% in Western Europe and 46% globally.
But PwC head of data analytics Tom Lewis maintains the role of data and analytics continues to grow among most businesses.
He added: “It is clear that data quality and data overload have been historical issues for some companies but this will reduce as the level of data awareness grows in the senior levels of an organisation.
“In the digital age, as business becomes ever more complex and data becomes ever more available, business leaders need to ensure they know how to quickly make decisions based on their analysis of data.”
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