Its latest report, Skills of the Datavores: Talent and the Data Revolution, identified four styles of data use within companies:
- Datavores: Companies that make strong use of data and analysis for decision-making.
- Data builders: Businesses whose use of big data requires dedicated servers or several processors to save computing time.
- Data mixers: Those who collect and combine data from a variety of sources.
- Dataphobes: Companies working with small data sets and few data sources, and not using data to make decisions.
The survey discovered that if dataphobes behaved more like data active companies (datavores, data builders and data mixers), this could boost the UK’s productivity by 3%. This is equivalent to an extra £1 per hour worked.
However, the report also found that data active companies are struggling to source the required technical skills. Around 15% of datavores and 10% of data builders struggled to fill five vacancies or more.
Hasan Bakhshi, director of creative economy at Nesta, said: "Data-savvy businesses in sectors as wide-ranging as manufacturing, financial services, pharmaceuticals and creative media perform more strongly than other firms.
“Addressing the data skills shortages we have identified should be an important element of the chancellor’s strategy for closing the UK’s productivity gap with its competitors.
Nesta also provided a policy recommendation briefing titled Analytic Britain: Securing The Right Skills For The Data-Driven Economy, which highlights the importance of education in closing the skills gap. It suggests stronger teaching of mathematics in schools, and increasing the supply of analytical talent graduating from university.
Ed Vaizey, minister of state for culture and the digital economy, commented that the research “provides valuable insights that will help in our work with partners in education and industry to provide the skills business needs, as well as rewarding careers for individuals.
“In today’s digital world, data analytics is playing an increasingly important role in driving business competitiveness and improving the delivery of public services,” he added.
