71% of CEOs believe that the data skills gap will affect businesses

A recently released report has revealed that still a significant percentage of UK CEOs are worried by the lack of digital skills. As 71% still believe that there is a lack of access to data and skills that could potentially put their business at risk. It also revealed that because of this rise of data, it has resulted in the traditional working day gradually declining, with a third now checking business analytics first thing in the morning and the last thing before they go to bed.

Ian Tickle, SVP and General Manager of Domo EMEA, commented on these findings, saying “It is clear that younger CEOs have a very different attitude to data in comparison to their more established counterparts. They started their careers in the digital age and have embraced it to create a more flexible working routine, albeit while remaining wary of the consequences of stagnating and a failure to properly understand their data. There is a lot that leaders could learn from that mentality.”

However, despite the majority of younger CEOs recognising this risk, this report showcased that data isn’t always part of their decision-making process. While overall, most (80%) leaders base judgements on data and insights, a third aged 25-34 said they preferred gut feeling.

However, it has become apparent to all CEOs that data is now imperative in playing a part in business operations, the way they lead their teams, as well as plans for the future. When the question was asked what they planned to invest in across the following five years, 26% said that their focus on the wealth of data and analytics through various system processes. The only option ranked higher than this was cybersecurity and compliance at 33%. While 18% stated that they planned to invest most in recruiting employees with strong digital skills, finally 17% planned to focus on digital training for their existing workforce.

Tickle added: “We’re constantly told that with digital transformation, every organisation is different and no one size fits all. But as the research shows, there is a lot of common ground, regardless of the size and sector of the business, or the CEO in charge.”

Ian discusses the importance of CEO’s to adopt this culture, saying “In any growing business, CEOs need to become the digital leaders, ensuring the right training and tools to maximise every possible opportunity. It’s well within their grasp, especially when it comes to the little things like real-time access, which many said would make their jobs easier, that technology can provide. It’s just a matter of actioning it sooner, rather than later to ensure the risk doesn’t become a reality.”

The study, conducted by Domo, provider of the leading cloud-based operating system for business, polled more than 100 C-suite leaders on their opinions around data and digital transformation and found that while 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.