Almost three quarters (71%) of CEOs across the UK and Ireland believe their business could be at risk from current blind spots in data access and skills, according to a new report from cloud technology firm Domo.
The study, which polled more than 100 C-suite leaders on their opinions to data and digital transformation, also found that:
- The majority believe data could be a threat to the future of their business, there’s a stark demographic split. 84% of CEOs age 25-34 said it could be a risk, compared to just half of over 55s.
- One-third of CEOS check business analytics first thing in the morning and last thing before they go to bed. That peaks at 54% among 25-34 year olds but drops to just 5% for leaders over 45, who are much more fixed to their desk. 80% of these leaders prefer to wait until they are in the office to check in.
- 80% base their judgements on data and insights, a third aged 25-34 said they preferred gut feeling. That dropped to just 10% among 35-44s and 5% for 45-54s
- When asked what they plan to invest in most over the next five years, 26% said their focus would be on systems to help manage the wealth of data and analytics with a further 18% plan to invest most in recruiting employees with strong digital skills, while 17% will focus on digital training for their existing workforce.
Among business leaders, there’s now a clear understanding that data is integral for the future of their organisation. They realise they need to evolve, adapt and invest to keep pace with their customers, and that means putting the right data in the hands of everyone to create efficient and curious organisations.
Ian Tickle, SVP and General Manager of Domo EMEA