Decision Making: 5 risks that you must manage
12 March 2018
Slow response to customer expectations
A recent study by PWC found that customers are the number one disruptive force for companies. Among CEOs, 86 per cent believed customers would demand more from their products over the next five years. Are you listening to feedback, analysing it and turning your fresh insight into action?
Suffering from a skills gap
UK government research has predicted that within 20 years 90 per cent of all jobs will require some digital skills, and as the digital economy grows there will be greater demand for specialist digital skills. The research also suggests the digital skills gap could cost the UK economy £63billion a year. It is important that companies train their staff to make sure they do have the skills to take part in the digital economy.
Weak defence against cyber-attacks
Uber, the NHS, TalkTalk and Yahoo have all suffered in some ways – whether by damaged reputation or financial loss – following recent cyber-attacks. It is said there are two types of companies – one that has been hacked and one that doesn’t know it has been hacked. Don’t be too late in finding out which one yours is.
Unprepared for GDPR
The General Data Protection Regulations will come into effect on May 25, aiming to harmonise data privacy laws across Europe and give individuals greater protection of, and rights over, their data. It will change the way companies handle data – and firms will need to comply. If they don't, they could face a hefty fine of 4 per cent of worldwide turnover.
At the moment UK companies can share data with EU firms easily within the single market. But after Brexit, the legality of transferring data across EU borders could come under question. Unless a data-sharing agreement is reached, it could be difficult for companies to continue sharing data.