Data analytics boom set to ease economic uncertainty

office1The uncertainty triggered by Brexit is set to be a major driver for the adoption of data analytics, with a new study suggesting 80% of British firms are aiming to bring data science to the fore over the next 12 months to boost decision-making.
The latest Data Surge Report from MHR Analytics shows that four-fifths of UK companies are planning to either hire a data scientist or seek the services of a data consultancy next year.
Of the businesses surveyed, one third (34%) said they would definitely be hiring a data scientist or specialist, while nearly half (45%) said they they were seriously investigating such a move. Only 22% ruled out extra investment in data expertise completely.
Of those who plan to embrace analytics, a quarter (25%) cited more accurate decision-making and a fifth (20%) said better understanding of business information was a key outcome.
MHR Analytics senior vice president Nick Felton said: “It’s now clear that 2019 will be the year of the data surge, with eight in 10 companies seeking specialist skills and expertise to help navigate potentially uncertain market conditions.
“Many organisations have now switched onto the fact that data analytics improves forecasting and enables more accurate decision-making. Data scientists are increasingly being relied on to give the clear picture when it comes to strategic business planning.”
“A good data strategy can improve efficiency across the whole of the organisation. IT can provide unrivalled visibility into real time business information and help identify future opportunities as well as potential risks to profitability.”

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