A new PwC report, ‘Guts & Gigabytes’ has found that business leaders take major businesses decisions based less on data and analytics and more on gut instinct and experience. They believe that both their own intuition and experience (41%) and the experience of others (31%) is of more importance than data and analytics which came third with 23%.
Written by the Economist Intelligence Unit, the report explores how companies are using data and in particular, how the nature of decision-making is changing.
Although gut instinct dominates, in the UK, 83% of senior executives believe that their big decision-making has improved in the last two years, because of the availability of better internal and external data; Yet 41% still remain concerned about the quality, accuracy and completeness of data.
Business leaders also share a recognition that future leaders need to be familiar with data analysis, with 81% of UK executives calling it a prerequisite for senior management. Tom Lewis, PwC head of data analytics, comments: “In the digital age, as business becomes ever more complex and data becomes ever more available, business leaders need to ensure they know how to quickly make decisions based on their analysis of data.”
The major findings are similar around the world, but interestingly; because big decisions are being driven so much by costs and margin pressure, 52% of UK business leaders expect to collaborate with their competitors in the next year, a figure which is significantly higher than the global average of 36%.Download 'Guts and Gigabytes' here
Written by the Economist Intelligence Unit, the report explores how companies are using data and in particular, how the nature of decision-making is changing.
Although gut instinct dominates, in the UK, 83% of senior executives believe that their big decision-making has improved in the last two years, because of the availability of better internal and external data; Yet 41% still remain concerned about the quality, accuracy and completeness of data.
Business leaders also share a recognition that future leaders need to be familiar with data analysis, with 81% of UK executives calling it a prerequisite for senior management. Tom Lewis, PwC head of data analytics, comments: “In the digital age, as business becomes ever more complex and data becomes ever more available, business leaders need to ensure they know how to quickly make decisions based on their analysis of data.”
The major findings are similar around the world, but interestingly; because big decisions are being driven so much by costs and margin pressure, 52% of UK business leaders expect to collaborate with their competitors in the next year, a figure which is significantly higher than the global average of 36%.Download 'Guts and Gigabytes' here
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