Written by:
Alex Liggatt

What’s driving
the UK data
market?

Data is key to the country’s recovery from the pandemic. That’s what the government said when it published its National Data Strategy, focused on increasing the use of data to drive innovation and growth, create new jobs and improve public services across the economy.

The government is, on this occasion at least, spot on. Data has never been so important – and as more and more of it is generated, it’s going to be ever more crucial for companies to harness it as a way to drive value across their organisation.

McKinsey says data hasn’t just increased in volume, but also gained ‘tremendous richness and diversity.’ Indeed, a new era has dawned, one in which the physical world is becoming increasingly intertwined with its digital counterpart.

Because of this, Mckinsey says, data’s become ‘the new corporate asset class’. And the best way for companies to generate and access everything they do.

When professionals are on board to make sense of a company’s data and turn it into actionable, valuable insights, that company will enjoy heaps of benefits in return. Data can drive efficiency, improve decision making and accuracy, boost competitiveness and resilience, build consumer trust – we could go on…

Data sweeps the nation

Mckinsey recommending companies ‘get digital’ applies to all. And that’s the thing: whereas once, we used to think of data as something only niche or big companies dabbled in, it now has its place in every company, in every sector.

If we’re to benefit on an economy-wide scale, we need as many companies as possible to adopt a
digital-first mindset and build thriving, data-driven cultures.

Pandemic pushes data demand

Data is busy transforming industries. Retail’s a good example: data is helping brands personalise customer experiences, analyse and fine-tune buyer journeys, forecast demand and predict spending habits, among other things.

Healthcare is another example, and especially poignant now we’re in the midst of a pandemic.

A recent Deloitte report shared by Healthcare Finance News found that people are more engaged with their health through tech. They also feel more comfortable sharing their data due to the pandemic. Over seven in 10 (71%) said they’d be willing to share their health information with their health insurance company, 73% with a local health system or hospital, and 53% with a healthcare provider.

The report noted: “With healthcare consumers now more willing to adopt tools and share data and adopt virtual visits, new digital tools can play an important role in the future of care.

During a keynote speech, Health Secretary Matt Hancock recently stressed how important it was to make sure that the data architecture of the NHS is interoperable. And how important it was to have a data architecture that protects privacy but also allows research and use of that data to unearth insights and apply them in clinical settings.

In-demand data roles

Here at Revoco, we’re seeing lots of demand coming from the healthcare and pharma space.

We’ve actually seen a huge rise in demand for roles in Med-tech start-ups, as well as in tech giants and larger companies. This could be down to Covid making healthcare a greater priority – for example, apps like the NHS COVID-19 app would require a huge team of data professionals to collate all the necessary information.

There’s also a growing demand for data analytics consultancies, which partner with companies and provide leaders with insights into what drives growth and performance within their organisation.

If you’ve realised you need top data professionals to help your business not just survive, but thrive in the current climate, look no further than Revoco. Get in touch to find out how we source the very best data talent around.

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