Nearly three quarters (71%) of CEOs in the UK and Ireland said a shortage of data skills and lack of data access could create major issues in their business, according to a recent report from Domo. Since data access and information are booming in the enterprise, cybersecurity and data privacy became a major concern in 2018, and will likely remain so in the coming years.
The report surveyed more than 100 CXOs about the impacts of data and digital transformation on business. The results indicated a sharp split in demographics: 84% of CEOs age 25-34 said they believe data could be a major risk, while only half of business professionals over 55 years old said the same, according to the report.
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The rise of data has also resulted in the disappearance of traditional work days for CEOs, the report found: A third of CEOs said they check business analytics first thing in the morning and right before bed. This habit is also heightened in young professionals, as 54% of CEOs age 25-34 agree, and only 5% of leaders over 45 years old say this is the case.
“It is clear that younger CEOs have a very different attitude to data in comparison to their more established counterparts,” said Ian Tickle, senior vice president and general manager of Domo, in a press release. “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 failing to properly understand their data. There is a lot that leaders could learn from that mentality.”
Data analytics aren’t the only contributing factor to business decisions, however. Many respondents cited gut feelings as another major way they make decisions, according to the report. However, only 10% of older CEOs said they seriously consider gut feelings, indicating younger CEOs may be more impulsive with business decisions, according to the report.
“In any growing business, CEOs need to become the digital leaders, ensuring the right training and tools to maximise every possible opportunity.” Tickle added in a press release. “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 big takeaways for tech leaders:
- 71% of CEOs in the UK and Ireland believe data access and skills are vital to business, and the lack thereof could put businesses at risk. — Domo, 2018
- The rise of data has driven CEOs away from the traditional work day, leading business pros to check data analytics first thing in the morning and right before bed. — Domo, 2018