WHAT IT'S ALL ABOUT...
In this blog, we look at why board decisions should be underpinned by data analytics.
One of the biggest challenges facing business leaders is ensuring they make accurate decisions that don’t come back to haunt them. Whether it’s a reduction in operational spending, an increase in headcount or an assumption about future revenues, every action has consequences for the organisation, its customers and employees.
With an increasingly uncertain economic outlook and with Brexit on the horizon next year, pressure is building on boardroom decision-makers to make the necessary preparations to absorb a potentially challenging period for trading.
A clear picture in uncertain times
In a recent survey, the British Chambers of Commerce discovered that companies in the services sector, which make up 76% of UK GDP, said they had ‘given up’ on hiring staff, with the report claiming that the UK economy was stuck in a rut due to weaker confidence. Meanwhile, recent polling of UK manufacturing companies suggested these organisations are braced for the worst profits outlook in at least nine years, with many choosing to freeze spending until the ramifications of the UK’s departure from the EU become clear next year.
The road ahead for companies remains uncertain. Hire too many new staff and a sudden drop in revenue could lead to difficult circumstances, yet the same is true if an organisation has underinvested in the future of its workforce. Part of the problem comes from the fact that nobody, not even the most effective board in the country, can predict the future. However, predicting the future may not be necessary, when organisations can harness the power of data to anticipate future scenarios and make proper preparations for possible outcomes.
96% of business leaders understand the importance of data
In our recent Data Surge Report, we surveyed 200 business decision-makers in medium and large sized enterprises, discovering that 80% of UK companies are planning to hire data scientists or seek data consultancy in 2019. Additionally, when asked about the importance of data, 96 per cent of business leaders said they understood the importance of data for their company’s future. What we also discovered was that a quarter of businesses believe managing data will help for more accurate decision-making, with 20% saying data can help with a better understanding of business information.
It’s clear from our research that senior business leaders have an ambitious approach towards using data, but much more needs to be done to integrate this approach into the boardroom and wider operations of the company. With accurate forecasting and reporting processes in place along with powerful data analytics, business leaders can make accurate decisions to drive the company forward.
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