Decision-making - data or gut?

New report analyses how business leaders make decisions.

A new report, Guts and Gigabytes (written by the Economist Intelligence Unit and published by PwC) explores the use of data and decision-making in companies around the world.  Over 1000 senior executives in a range of businesses reported on how they reach major decisions.

Business leaders in the UK ranked data and analytics as the third most important factor in reaching decisions.  They ranked their own intuition and experience as the most useful (41%) and the experience and advice of others next in importance (31%). 

40% of UK businesses report that the use of internal and external data and analytics is the aspect of big decision-making that has changed the most. However, many UK business leaders are concerned about data quality and information overload.

  • 41% say they are concerned about quality, accuracy and completeness of data
  • 41% find it difficult to access useful data  
  • 61% of UK leaders reported negative experiences with data-driven decision making – much higher than the global average (46%) and the Western European average (34%)

Senior executives recognise the value of data analytical skills - 81% of them rate data analysis as a key skill for business leaders of the future. A report by Burtch Works, a US-based executive recruitment company, explores the competitive market for data analysis skills and encourages companies to lobby hard for 'stronger education' in mathematics and computer science to help fulfil the ongoing demand for high-level analytical data scientists with strong communication skills.

Source: PWC; (via Business Information Review).