REPORT HIGHLIGHTS ANXIETIES OVER DATA-LED SUCCESS

Technology company AND Digital, yesterday launched its Fuelling Growth in an Age of Data report which explores the changing attitudes among business leaders to data driven growth. 

Part of the report’s research was conducted with business decision makers from Glasgow. 

It found that nearly three quarters (74%) of business leaders in the city have experienced anxiety over challenges relating to data, with over a third (36%) stating a lack of in-house skills is a major barrier to data-led success. 

Accessing the right talent to exploit opportunities from data was another major theme highlighted in the report. 

Over three quarters (76%) of respondents acknowledged the need for greater data skills to help improve their business’ growth. 

In addition, nearly a third (32%) said they are concerned about the costs required to train and equip their people with the right data skills, in areas such as data analytics, data platforms, data engineering and data science/AI/ML. 

Peter Dale (pictured), Club Executive for AND Digital’s Club Almeida in Glasgow, said: “Our latest report highlights the large majority (74%) of Glasgow’s 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, the report also reminds us of the important role that people continue to play in an increasingly data driven economy.

“Technology alone can only take us so far. 

“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.” 

Half of respondents to the AND Digital survey said that data security was their biggest barrier to becoming more data driven, with well over a third (36%) highlighting the cost implications to their business. 

Anxieties around data compliance and regulation were seen as barriers to for over a quarter (28%) of decision makers, with 36% also worried about the spiralling costs of data collection, management, storage and analysis technology. 

In addition, 70% of respondents admit they lack the right technology to be considered data-centric, with nearly a quarter (24%) saying they lack the time to implement the new tech needed to drive the use of data in their business.