Mind (the) Gap: Lack of Data Skills Costs UK Economy ￡57 Billion Annually

The UK economy is losing an estimated ￡57.2 billion per year as workers in knowledge intensive businesses across the country grapple with data tasks they’re ill-equipped to handle, education tech company Multiverse shows in a new report.

Employees spend an average 4.3 hours per week—over 10% of their total working time—ineffectively due to skill deficiencies in areas like data analysis, automation, and predictive modeling. The result: project development is slowed, answers take longer to work out, errors introduced early on compound, trends are missed, products and services take longer to get to market.

Multiverse CEO Euan Blair speaks to Sky News about the real cost to businesses of the data skills gap. "Companies have spent billions on software, but hardly anything on the skills needed to get the most from that software,” says Blair.

Find out more in Multiverse's inaugural Skills Intelligence Report: an analysis of the skills of over 12,000 workers, across 18 major industries, in the US and UK.