Lack of data skills hinders 94% of employers: Report
Some 80% agree that data and business intelligence tools will help their firms survive this downturn
Most companies here believe their staff's ability to read, understand and communicate data is more important now than it was before the start of the coronavirus pandemic.
However, a lack of data literacy is hindering the productivity of 94 per cent of employers, according to a recently released NTUC LearningHub data skills report.
The report, A View From The Ground: Closing The Data Skills Gap In The Covid-19 Era And Beyond, uncovers both employers' and employees' views on the degree of reliance on data and business intelligence in Singapore's business landscape.
With insights from industry leaders such as IBM, SoftBank and Qlik, the report also highlights the general perception of data-related competencies of the workforce.
It also throws light on the hiring trends and preferences that businesses display, and gives recommendations for closing the skills gaps for businesses and workers to remain competitive.
Ninety-four per cent of employers think their reliance on data and business intelligence to make business decisions has increased from a year ago, said the report.
NTUC LearningHub works with corporate and individual clients to provide learning solutions in areas such as infocommunications, healthcare, employability and literacy, and business excellence.
The report found professional services, trade and connectivity, and lifestyle topping the list of industry clusters relying on increasing data use to drive business decisions.
Mr Kwek Kok Kwong, chief executive of NTUC LearningHub, said: "As companies are thrust into transformation during this Covid-19 era, employers have actively reassessed the workforce they need in order to navigate the new economy.
"The Covid-19 storm is far from over and all business leaders must work out their strategies in weathering this very turbulent and uncertain period ahead.
"In this complex business environment, data will help us a lot in supporting our intuition as we make difficult business decisions."
The report showed 80 per cent of employers agreed that using data and business intelligence tools will make it more likely their companies will survive this downturn.
Mr Kwek said: "We hope that through this report, more business leaders will understand how to plug the data skills gap and overcome the possible inertia in encouraging more employees to embrace data.
"We also hope that more workers will gain insight into the overall market demand for data and motivate themselves to pick up these skills."