Nearly half of business leaders have data skills gap: Salesforce

More than four in 10 (44%) have insufficient ability to create data insights.

Despite the majority of business leaders acknowledging the importance of data, less than 50% are facing data skills gaps in businesses, a Salesforce study showed.

In its study, almost half (48%) of business leaders in Singapore cite a lack of understanding of data, citing that it is too complex, as an obstacle to leveraging data.

The study also showed that 44% of leaders lack the ability to create insights from data. Almost 33% are overwhelmed by too much data.

To resolve this, 84% of firms are seeking to continue or increase costs on data skills and training for employees.

Responses from nearly 10,000 business leaders, including 1,102 from Singapore, were analysed to create this study.

Data disconnect

The Salesforce study also revealed that there is a data disconnect amongst companies, especially when using data for critical decisions.

Only 35% of business leaders in Singapore are using data to inform their strategy when launching in new markets. More than half (59%) of business leaders in Singapore are not using data to decide on pricing in line with economic conditions, such as inflation.

More than 7 in 10 (72%) of business leaders are not using data to inform their business on diversity and inclusion policies.

Only 21% of business leaders are using their data for sustainability targets.