Experts from the University of Nottingham’s School of Computer Science have been awarded almost £700,000 funding from EPSRC to lead a project to enhance understanding of SMEs’ cyber security support needs and their ability to address them.

The research aims to establish pilot Cyber Security Communities of Support (CyCOS), bringing together SMEs and advisory sources for practical help and support.  The UK Cyber Security Breaches Survey indicates that half of small and a third of micro businesses experienced breaches or attacks in the last year. Whilst they do seek external guidance in relation to cyber security, they do so via a huge range of sources, and often find themselves overwhelmed with information and unable to understand the advice.

The research team includes Dr Maria Bada from Queen Mary University of London and Dr Jason Nurse from the University of Kent and is led by Steven Furnell, Professor of Cyber Security at the University of Nottingham.

Businesses know there is a need to protect themselves from cyber attacks, but knowing just how to do this and where to go for trusted help can be a minefield. We want to make the process of accessing help easier and more targeted. Our research will improve understanding of SME needs and the perspective of those that they turn to for support. We will then use these insights as a foundation for the design and evaluation of a new and more accessible model for support with the Communities of Support pilots.

Steven Furnell, Professor of Cyber Security at the University of Nottingham

The research will investigate the support needs of small businesses, to establish their current understanding and confidence around cyber security, and their awareness and perceptions of available support. The investigation will seek to determine the scenarios in which cyber security advice is sought (e.g. during product evaluation, at point of purchase, in response to threats and incidents), and whether it is deemed effective.

The project will also analyse support routes available to these businesses, focusing on the coverage and consistency of advice, as well as the confidence and capacity of those providing it.

Research findings will be used to establish three pilot CyCOS which will include the creation of an online Support Broker, enabling the SMEs to identify support needs and contact advisory sources positioned to help them (which, as the community develops and grows in experience, may include peer support from other SMEs). The project offers upskilling opportunities for advisors and interested SMEs, via foundational cyber security certification to increase their related knowledge and capability.

The research is supported by strong industry collaboration, with partners including the Home Office, (ISC)2, IASME, the Chartered Institute of Information Security, the Centre for the New Midlands, and three regional Cyber Resilience Centres.

Professor Furnell adds: “This project is an exciting opportunity to plug a gap that exists in cyber security for SME’s. We hope that if successful the CyCOS model could be rolled out nationally and become a vital tool in the fight against cyber attacks.”

Source: University of Nottingham

Levels of grey matter in two parts of the brain may be linked to a desire to start smoking during adolescence and the strengthening of nicotine addiction, a new study has shown.

A team of scientists, led by the universities of Cambridge and Warwick in the UK and Fudan University in China, analysed brain imaging and behavioural data of over 800 young people at the ages of 14, 19 and 23.

They found that, on average, teenagers who started smoking by 14 years of age had markedly less grey matter in a section of the left frontal lobe linked to decision-making and rule-breaking.

Grey matter is the brain tissue that processes information, and contains all of the organ’s neurons. While brain development continues into adulthood, grey matter growth peaks before adolescence.

Low grey matter volume in the left side of the ventromedial prefrontal cortex may be an “inheritable biomarker” for nicotine addiction, say researchers – with implications for prevention and treatment.

In addition, the scientists found that the opposite, right part of the same brain region also had less grey matter in smokers.

Importantly, loss of grey matter in the right prefrontal cortex appears to speed up only after someone has started smoking. This region is linked to the seeking of sensations.

The team argue that less grey matter in the left forebrain could lower cognitive function and lead to “disinhibition”: impulsive, rule-breaking behaviour arising from a limited ability to consider consequences. This may increase the chances of smoking at a young age.

Once a nicotine habit takes hold, grey matter in the right frontal lobe shrinks, which may weaken control over smoking by affecting “hedonic motivation”: the way pleasure is sought and managed. Excessive loss of grey matter in the right brain was also linked to binge drinking and marijuana use.

Taken together, the findings point to a damaged “neurobehavioural mechanism” that can lead to nicotine use starting early and becoming locked into long-term addiction, say researchers. The study used data from the IMAGEN project and is published in the journal Nature Communications.

“Smoking is perhaps the most common addictive behaviour in the world, and a leading cause of adult mortality,” said Prof Trevor Robbins, co-senior author from Cambridge’s Department of Psychology.

“The initiation of a smoking habit is most likely to occur during adolescence. Any way of detecting an increased chance of this, so we can target interventions, could help save millions of lives.”

Annual deaths from cigarettes are expected to reach eight million worldwide by the end of the decade. Currently, one in five adult deaths each year are attributed to smoking in the US alone.

“In our study, reduced grey matter in the left prefrontal cortex is associated with increased rule-breaking behaviour as well as early smoking experiences. It could be that this rule-breaking leads to the violation of anti-smoking norms,” said Robbins.

Co-author Prof Barbara Sahakian from Cambridge’s Department of Psychiatry said: “The ventromedial prefrontal cortex is a key region for dopamine, the brain’s pleasure chemical. As well as a role in rewarding experiences, dopamine has long been believed to affect self-control.

“Less grey matter across this brain region may limit cognitive function, leading to lower self-control and a propensity for risky behaviour, such as smoking.”

The study used data gathered by the IMAGEN project from sites in four European countries: UK, Germany, France and Ireland. The researchers compared brain imaging data for those who had smoked by age 14 with those who had not, and repeated this for the same participants at ages 19 and 23.

Those with smoking experience by 14 years of age had significantly less grey matter in the left prefrontal cortex, on average. Additionally, those who started smoking by age 19 also had less grey matter in their left prefrontal cortex at 14, indicating a potential causal influence.

The scientists also looked at the right ventromedial prefrontal cortex. Grey matter loss occurs in everyone as they age. However, those who smoked from age 14 as well as those smoking from age 19 both ended up with excessive grey matter loss in the right frontal lobe.

For the right prefrontal cortex, 19-year-old smokers who did not start during adolescence had similar grey matter levels at age 14 to those who never smoked at all. This suggests a rapid reduction in the right ventromedial prefrontal cortex only begins with the onset of smoking.

Data at age 23 showed that grey matter volume in the right prefrontal cortex shrank at a faster pace in those who continued to smoke, suggesting an influence of smoking itself on prefrontal function.

Researchers also analysed data from two questionnaires completed by participants to investigate the personality traits of novelty seeking and sensation seeking.

“Both questionnaires examine the pursuit of thrilling experiences, but they measure distinct behaviours,” said Robbins. “The sensation seeking scale focuses on pleasurable experiences, while the novelty seeking questionnaire includes items on impulsiveness and rule-breaking.”

Less grey matter in the left prefrontal cortex was associated with novelty seeking, particularly disorderly and rule-breaking behaviour, while reduced grey matter volume in the right prefrontal cortex was linked to sensation seeking only.

Lead author Prof Tianye Jia from Fudan University added: “Less grey matter in the left frontal lobes is linked to behaviours that increase the likelihood of smoking in adolescence.

“Smokers then experience excessive loss of grey matter in the right frontal lobes, which is linked to behaviours that reinforce substance use. This may provide a causal account of how smoking is initiated in young people, and how it turns into dependence.”

Source: University of Cambridge

The Cisco Broadband Survey, released, finds that evolving consumer expectations will reshape the needs and economics of the internet. People in EMEA (Europe, Middle East and South Africa) are rethinking what they rely on the internet for, balancing classic demands for speed and reliability, with the intensifying needs of rising eco-consciousness, secure cloud infrastructure, and the consumerisation of technologies such as the Internet of Things (IoT) connecting our devices, from smart cars to home appliances. This has led to 79% of survey participants ranking broadband as critical national infrastructure, escalating the need for the technology industry to respond to these asks and accelerate the journey towards a more sustainable, secure internet for the future.

Consumers Want to Invest in Sustainable Broadband

The carbon-cost of broadband connectivity is a top priority for consumers. Cisco’s Broadband Survey revealed that 65% of consumers in EMEA are now concerned about the carbon footprint of their broadband, with young people aged 18-24 the most concerned (73%). In addition, 77% said they would be willing to pay more for sustainable broadband, with around a quarter prepared to pay a price premium of more than 20%. This supports a wider market trend, shown in a 2019 survey by Nielsen and a 2022 survey by Globescan, revealing widespread consumer awareness around the environmental impact of the products they use and a demand for companies to step up and mitigate negative impacts on the planet. sharing and faster decision making.

Security Is a Priority as More Move Online

In parallel to growing environmental concerns, the emergence of hybrid work and the ever-increasing blur between the professional and personal lives of employees brings new risks into the home. Despite most consumers using their broadband for tasks like banking and work, passwords are still the most popular way (53%) that survey respondents protect home networks and devices; only a quarter have switched on their router’s firewall. This is despite previous Cisco research revealing that 57% of consumers worry about cybercriminals hacking their devices. While speed is still the main priority among those planning to upgrade their broadband in the next year (selected by 40%), security is now a close second, ranked by 38% of consumers as a top priority when choosing their broadband package.

Connection to Increase as Consumers Expand their Digital Lives

As the number of IoT devices online grows from billions to trillions, so does the demand for bandwidth and processing power to analyse all the data produced. According to the Cisco Broadband Survey, there’s no sign of this slowing down. Consumers are instead embracing the shift toward a ‘smarter’ digital life. A majority already have, or expect to have, their cars (67%), lights (74%), appliances (71%), energy (76%) and water (64%) connected. Indeed, more than half of consumers surveyed (54%) indicated feeling positive about new ways to connect their homes and lives to the internet. This is despite a majority (63%) saying that the cost-of-living crisis has changed the way they spend money on digital services: 21% have reported moving to a lower cost broadband package and 16% have cancelled streaming services.

“The carbon footprint of the information and communications technology sector is estimated to account for around 2.1 – 3.9% of global greenhouse gas emissions, and more than half of that comes from networks and data centers. Cisco is on a mission to transform the economics and sustainability of the Internet for the Future. That means designing products with energy efficiency and security in mind, adopting circular economy principles in product development and business operations, and taking a smart and sustainable approach to lifecycle management. In addition to the cybersecurity threat landscape constantly evolving and expanding, we have to deal with the increasing threat of climate change. Prioritizing sustainability and security in broadband infrastructure is therefore crucial to enable lasting and resilient digital transformation,” said Gordon Thomson, Vice President Service Provider – EMEA, Cisco.

“The old technology adage of ‘faster, cheaper, better’ has not been relevant for a long time. It’s now about simplifying solutions and building networks that can fuel global connectivity and economic growth, facilitating and protecting the digitalization and automation of everyday activities, all without losing sight of our impact on the future,” he continued.

Source: Cisco

A new global study by the IBM (NYSE: IBM) Institute for Business Value found that nearly half of CEOs surveyed identify productivity as their highest business priority—up from sixth place in 2022. They recognize technology modernization is key to achieving their productivity goals, ranking it as second highest priority. Yet, CEOs can face key barriers as they race to modernize and adopt new technologies like generative AI.

The annual CEO study*, CEO decision-making in the age of AI, Act with intention, found three-quarters of CEO respondents believe that competitive advantage will depend on who has the most advanced generative AI. However, executives are also weighing potential risks or barriers of the technology such as bias, ethics and security. More than half (57%) of CEOs surveyed are concerned about data security and 48% worry about bias or data accuracy.

There is also a disconnect between CEOs and their teams when it comes to AI readiness. Half (50%) of CEOs surveyed report they are already integrating generative AI into products and services, and 43% say they are using generative AI to inform strategic decisions. Yet, just 29% of their executive teams agree they have the in-house expertise to adopt generative AI; only 30% of non-CEO senior executives surveyed say that their organization is ready to adopt generative AI responsibly.

“Generative AI can reduce the barriers to AI adoption and half of CEOs interviewed are actively exploring it to drive a new wave of  productivity, efficiency and quality of service across industries,” said Jesus Mantas, Global Managing Partner, IBM Consulting. “CEOs need to assess their company requirements around data privacy, intellectual property protection, security, algorithmic accountability and governance in order to plan their deployment of emerging use cases of generative AI at scale.”

Key study findings include:

CEOs say productivity – and the technology that will help deliver it  – is a pressing priority

• Almost half (48%) of CEOs surveyed pinpoint productivity as a top priority for their organization – up from sixth place in 2022; technology modernization follows as their second highest priority (45%) but CEOs also indicate this is among their top challenges.
• For the fourth consecutive year, CEOs surveyed say technology factors remain the top external force impacting their organization over the next three years.

CEOs are increasingly looking toward operational, technology and data leaders as strategic decision makers

Additional data gathered during the survey indicates the following:

• When asked which C-Suite members will make the most crucial decisions over the next three years, CEO respondents identify COOs (62%) and CFOs (52%).
• The influence of technology leaders on decision making is growing – 38% of surveyed CEOs point to CIOs (up from 19% a year ago), followed by Chief Technology or Chief Digital Officer (30%) as making the most crucial decisions in their organization.

CEOs indicate they are ready to adopt generative AI, but other executives have reservations

• Three out of four (75%) CEOs surveyed believe the organization with the most advanced generative AI will have competitive advantage.
• Half (50%) of CEOs report they are already integrating generative AI into products and services; 43% say they are using generative AI to inform strategic decisions, with 36% using the technology for operational decisions.
• While 69% of CEO respondents see broad benefits of generative AI across their organization, just 29% of their executive teams agree they have the in-house expertise to adopt generative AI.
• Only 30% of non-CEO senior executives surveyed say that their organization is ready to adopt generative AI responsibly.

Generative AI is fueling workforce changes, but broader assessments of its impact on the workforce are lagging

• About 43% of surveyed CEOs say they have reduced or redeployed their workforce due to generative AI, with an additional 28% indicating they plan to do so in the next 12 months.
• At the same time, 46% of CEOs surveyed have hired additional workers because of generative AI, with 26% saying they have plans for more hiring ahead.
• Yet, fewer than one in three CEOs (28%) surveyed have assessed the potential impact of generative AI on their workforces, and 36% say they plan to do so in the next 12 months.

To view the full study, visit: https://ibm.co/c-suite-study-ceo.

To learn more about the top trends and strategic bets business leaders are making to boost productivity, visit https://www.ibm.com/thought-leadership/institute-business-value/en-us/report/seven-bets.

*Study Methodology

The IBM Institute for Business Value, in cooperation with Oxford Economics, interviewed 3,000 CEOs from over 30 countries and 24 industries as part of the 28th edition of the IBM C-Suite Study series. These conversations focused on executives’ perspectives on leadership and business; their changing roles and responsibilities; and CEO decision making today, including key challenges and opportunities, their use of technology, data and metrics, and their visions for the future. The IBM Institute for Business Value also conducted a survey of 200 CEOs in the United States on their responses to generative AI.

The IBM Institute for Business Value, IBM’s thought leadership think tank, combines global research and performance data with expertise from industry thinkers and leading academics to deliver insights that make business leaders smarter. For more world-class thought leadership, visit: http://www.ibm.com/ibv.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit http://www.ibm.com

Small business owners were also asked about topics including future plans, sustainability, employee retention and labor. Conducted in March and April, other findings include:

• 79% of business owners raised prices over the last 12 months.
• 53% added benefits and perks to retain talent.
• 49% plan to use automation and artificial intelligence (AI) tools for their business in 2023.
• 34% believe the national economy will improve in the next 12 months.

“While the dual pressures of inflation and supply chain disruptions continue to incumber operations, small business owners remain bullish about their prospects for the year ahead,” said Sharon Miller, President of Small Business and Head of Specialty Banking and Lending at Bank of America. “Small businesses are poised for growth, implementing strategies to retain and attract talent and exploring new tools including artificial intelligence to gain an edge in a highly competitive market.”

Economic Concerns and Business Outlook

Inflation (79%) and a potential recession (72%) top business owners’ concerns over the next 12 months. These entrepreneurs also expressed anxiety around commodities prices (68%), the U.S. political environment (68%), rising interest rates (67%) and supply chain (57%).

Despite these concerns, the bottom line remains strong for many entrepreneurs. Fifty-six percent of business owners reported increased revenue in 2022 compared to 2021, and looking ahead at the next 12 months, 48% plan to expand their business (vs. 37% last spring). Additionally, 82% intend to obtain financing in the year ahead (vs. 70% last spring).

Retention Efforts and Hiring Plans

Struggli8ng with labor shortages and a competitive job market, business owners are increasingly focused on employee retention. Over the past 12 months, 53% have added additional benefits and perks to existing compensation packages, including remote/hybrid work (34%), cost-of-living bonuses (34%) and more vacation time (33%). And 75% of these business owners said their efforts meaningfully impacted employee morale and retention.

Additionally, 34% of business owners plan to hire in 2023, up from 26% last spring. Over the past 12 months, 51% implemented additional perks and benefits to attract new talent, such as increased base pay for new employees (54%), remote/hybrid work (30%), new employee training or resource groups (27%) and additional healthcare benefits (27%).

Entrepreneurs Embrace Sustainability Despite Obstacles

Three-in-four SBOs have already implemented sustainable business practices, such as reducing paper usage, establishing environmentally friendly habits in their work environment and working with sustainable vendors. While implementation challenges exist—82% of entrepreneurs cited challenges such as increased costs (49%), limited supplier options (29%) and variable quality of sustainable products/services (26%) as primary obstacles—78% of business owners plan to implement sustainable practices over the next 12 months.

Continued Digitization of Business Operations

In the past year, 80% of small business owners adopted digital tools for their business, leveraging digital banking to manage their finances and social media to reach their customers. Business owners are also embracing AI and automation, with 49% planning to use AI tools to enhance their business in 2023.

Looking ahead, 55% of entrepreneurs anticipate accepting exclusively digital payments at some point in the future, and 90% say digital tools help make their operations more efficient, helping them save time and stay organized.

For an in-depth look at the insights of the nation’s small business owners, please read the full Bank of America 2023 Small Business Owner Report (PDF).

Providing a Business Advantage to Small Business Owners

Bank of America provides advice, solutions, access to capital and dedicated support to meet the unique needs of our 11 million business owner clients. According to the FDIC, Bank of America maintained its position as the nation’s top small business lender at the end of 2022, with $36.2 billion in total outstanding small business loans (defined as business loans in original amounts of $1 million and under).

Bank of America 2023 Small Business Owner Report Methodology

Ipsos Public Affairs conducted the Bank of America 2023 Small Business Owner Report survey online between March 16 and April 10, 2023, using a pre-recruited online sample of small business owners. Ipsos contacted a national sample of 1,145 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between two and 99 employees. In addition, approximately 250 small business owners were surveyed in each of ten target markets: Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C. The final results for the national and designated market area segments were weighted to national benchmark standards for size, revenue and region.

Prior to 2016, previous waves of the Small Business Owner Report survey were conducted by telephone and while best efforts were made to replicate processes, differences in sample, weighting and method suggests caution when making direct statistical comparisons of the results from pre-2016 and post-2016.

Source: Bank of America

The seventh edition of Connecting to Compete, the Logistics Performance Index (LPI) report comes after three years of unprecedented supply chain disruptions during the COVID-19 pandemic, when delivery times soared. The LPI, which covers 139 countries, measures the ease of establishing reliable supply chain connections and the structural factors that make it possible, such as the quality of logistics services, trade- and transport-related infrastructure, and border controls.

“Logistics are the lifeblood of international trade, and trade in turn is a powerful force for economic growth and poverty reduction,” said Mona Haddad, Global Director for Trade, Investment, and Competitiveness at the World Bank. “The Logistics Performance Index helps developing countries identify where improvements can be made to boost competitiveness.”

On average across all potential trade routes, 44 days elapse from the time a container enters the port of the exporting country until it leaves the destination port, with a standard deviation of 10.5 days. That span represents 60 percent of the time it takes to trade goods internationally.

According to LPI 2023, end-to-end supply chain digitalization, especially in emerging economies, is allowing countries to shorten port delays by up to 70% compared to those in developed countries. Moreover, demand for green logistics is rising, with 75 percent of shippers looking for environmentally friendly options when exporting to high income countries.

“While most time is spent in shipping, the biggest delays occur at seaports, airports, and multimodal facilities. Policies targeting these facilities can help improve reliability,” said Christina Wiederer, Senior Economist with the World Bank Group’s Macroeconomics, Trade & Investment Global Practice and the report’s co-author.

Such policies include improving clearance processes and investing in infrastructure, adopting digital technologies, and incentivizing environmentally sustainable logistics by shifting to less carbon-intensive freight modes and more energy-efficient warehousing.

Source: World Bank

Ilham Mohamed, the Asia Regional Advisor of Transparency International, expressed concern that corruption is worsening in some of the world’s most populous countries. Governments are also restricting basic rights and freedoms that allow people to hold those in power accountable. Inclusive growth must come with efforts to curb corruption, and public voices must be heard with the upcoming 2023 elections. Governments across Asia Pacific must recommit to stopping corruption.

Highlights

The CPI ranks 180 countries and territories based on their perceived levels of public sector corruption, on a scale of zero (highly corrupt) to 100 (very clean). The Asia Pacific average has remained constant at 45 for four years, and over 70% of countries rank below 50. New Zealand (87), Singapore (83), Hong Kong (76), and Australia (75) lead the region, while Afghanistan (24), Cambodia (24), Myanmar (23), and North Korea (17) are the lowest in the region. Singapore (83) and Mongolia (33) are at historic lows this year. While many countries have stagnated, countries in Asia Pacific made up nearly half of the world’s significant improvers on the CPI since 2017.

South Korea (63), Vietnam (42), and the Maldives (40) were among the significant improvers. In contrast, Malaysia (47), Mongolia (33), and Pakistan (27) declined over this time. Governments across Asia Pacific have claimed they will tackle corruption, but few have taken concrete action, leaving the situation dire. Pervasive corruption and crackdowns on civic space are the root causes.

For instance, Malaysia has been declining for years as it struggles with grand corruption in the wake of the monumental 1MDB and other scandals implicating multiple prime ministers and high-level officials. India, the largest democracy in the world, continues to consolidate power and limit the public’s ability to demand accountability. Massive protests erupted in Sri Lanka due to financial mismanagement by the government, with Sri Lankans demanding anti-corruption reforms. Meanwhile, Australia is showing positive signs this year, with the government passing historic legislation for a new National Anti-Corruption Commission. Nevertheless, more comprehensive whistleblower protection laws, caps and real-time disclosure on political donations, greater transparency, and longer cooling-off periods are necessary.

In parts of the Pacific, governments have interfered in elections, denying the public the opportunity to have their voices heard. Papua New Guinea’s August election was its worst ever amid numerous irregularities, stolen ballot boxes, and even bouts of violence. In the Solomon Islands, frustration with reported collusion between politicians and foreign companies boiled over into violent civil unrest late last year. The government’s decision to delay elections scheduled for 2023 has raised further concerns over the abuse of executive power.

Transparency International calls on governments to prioritize anti-corruption commitments, reinforcing checks and balances, upholding rights to information, and limiting private influence to finally rid the world of corruption – and the instability it brings. Governments must open up space to include the public in decision-making, from activists and business owners to marginalized communities and young people. In democratic societies, people can raise their voices to help root out corruption and demand a safer world for all.

Here is how the countries of the Asian subcontinent stack up against each other

Picture courtesy- Transparency International

People feel overwhelmed and under qualified to use data to make decisions and this is hurting their quality of life and business performance, according to a new study—The Decision Dilemma—by Oracle and Seth Stephens-Davidowitz, New York Times bestselling author. The study of more than 14,000 employees and business leaders across 17 countries found that people are struggling to make decisions in their personal and professional lives at a time when they are being forced to make more decisions than ever before.

The number of decisions we are making is multiplying and more data is not helping

People are overwhelmed by the amount of data and this is damaging trust, making decisions much more complicated, and negatively impacting their quality of life.

• 74 percent of people say the number of decisions they make every day has increased 10x over the last three years and as they try to make these decisions, 78 percent are getting bombarded with more data from more sources than ever before.
• 86 percent say the volume of data is making decisions in their personal and professional lives much more complicated and 59 percent admit they face a decision dilemma—not knowing what decision to make—more than once every single day.
• 35 percent don’t know which data or sources to trust and 70 percent have given up on making a decision because the data was overwhelming.
• 85 percent of people say this inability to make decisions is having a negative impact on their quality of life. It is causing spikes in anxiety (36 percent), missed opportunities (33 percent), and unnecessary spending (29 percent).
• As a result, 93 percent have changed the way they make decisions over the last three years. 39 percent now only listen to sources they trust and 29 percent rely solely on gut feelings.

 Decision distress is creating organizational inertia

Business leaders want data to help and know it is critical to the success of their organizations, but don’t believe they have the tools to be successful which is eroding their confidence and ability to make timely decisions.

• 85 percent of business leaders have suffered from decision distress—regretting, feeling guilty about, or questioning a decision they made in the past year—and 93 percent believe having the right type of decision intelligence can make or break the success of an organization.
• 97 percent want help from data. In an ideal world, they want data to help them: make better decisions (44 percent), reduce risk (41 percent), make faster decisions (39 percent), make more money (37 percent), and plan for the unexpected (29 percent).
• In reality, 72 percent admit the sheer volume of data and their lack of trust in data has stopped them from making any decision at all and 89 percent believe the growing number of data sources has limited the success of their organizations.
• Managing different data sources has required additional resources to collect all the data (40 percent), made strategic decision making slower (36 percent), and introduced more opportunities for error (26 percent).
• Business leaders do not believe that the current approach to data and analytics is addressing these challenges. 77 percent say that the dashboards and charts they get do not always relate directly to the decisions they need to make and 72 percent believe most data available is only truly helpful for IT professionals or data scientists.
• Business leaders know this needs to change. They believe the right data and insights can help them make better HR (94 percent), finance (94 percent), supply chain (94 percent), and customer experience (93 percent) decisions.

Data needs to be relevant to the decisions people make or they will give up on it

Collecting and interpreting data has driven people to their breaking point at a time when the stakes are incredibly high for business leaders.

• 70 percent of people say the headache of having to collect so much data and interpret it is too much for them to handle.
• This is particularly evident in the business world. 78 percent of business leaders say people often make decisions and then look for the data to justify them, 74 percent of employees believe businesses often put the highest paid person’s opinion ahead of data, and 24 percent feel that most decisions made in business are not rational.
• The situation is so challenging that 64 percent of people—and 70 percent of business leaders—would prefer for all these difficulties to just go away and to have a robot make their decisions.
• Despite their frustrations with data in their personal and professional worlds, people know that without data their decisions would be less accurate (44 percent), less successful (27 percent), and more prone to error (39 percent).
• People also believe that an organization that uses technology to make data-driven decisions is more trustworthy (79 percent), will be more successful (79 percent), is a company they’re more likely to invest in (76 percent), partner with (77 percent), and work for (78 percent).

Supporting Quotes

“People are drowning in data,” said Seth Stephens-Davidowitz, data scientist and author of Everybody Lies and Don’t Trust Your Gut. “This study highlights how the overwhelming amount of inputs a person gets in their average day—internet searches, news alerts, unsolicited comments from friends—frequently add up to more information than the brain is configured to handle. People are tempted to throw out the confusing, and sometimes conflicting, data and just do what feels right. But this can be a big mistake. It has been proven over and over again that our instincts can lead us astray and the best decision-making is done with a proper understanding of the relevant data. Finding a way to get a handle on the stream of data at their fingertips, to help businesses distinguish between the signal and the noise, is a crucial first step.”

“When our drivers are racing at more than 200 miles per hour, they have to make critical decisions very quickly. The correct race strategy decisions like when to pit and which tires are best for the conditions on the track can mean the difference between winning and losing,” said Christian Horner, Team Principal and CEO at Oracle Red Bull Racing. “With Oracle Cloud Infrastructure, our team can take advantage of data by running billions of race strategy simulations during a Grand Prix weekend, ensuring that we make the best decisions in response to the performance of the cars, changes happening on the track, and the actions of our competitors during the race.”

“As businesses expand to serve new customers in new ways, the number of data inputs they need to get the full picture expands too. Business leaders that make critical decisions about how to manage their companies ignore that data at their own risk,” said T.K. Anand, executive vice president, Oracle Analytics. “The hesitancy, distrust, and lack of understanding of data shown by this study indicates that many people and organizations need to rethink their approach to data and decision making. What people really need is to be able to connect data to insight to decision to action. With our span of connected cloud capabilities, ranging from foundational data management, to augmented and applied analytics, to our suite of operational applications, we are uniquely positioned to meet this need.”

Methodology

This global sample of 14,250 people were surveyed in January 2023. In each country, the sample represented employees and business leaders, including titles such as President, CEO, Chairperson, C-Level Executive, CFO, CTO, Director, Senior Manager, HR Manager, and other select leadership roles, confirmed by consumer-matched data accessed via the global insights platform Prodege. Employee samples were calibrated, where possible, to reflect the age and gender demographics of the nation’s workforce.

DKC Analytics conducted and analyzed this survey with a sample procured using the Pollfish survey delivery platform, which delivers online surveys globally through mobile apps and the mobile web along with the desktop web. No post-stratification has been applied to the results.

Source: Oracle

As young people look to transfer from the classroom to the world of work, new research by Barclays LifeSkills reveals that 16-23 year olds will have to go through an average of 15 interviews before successfully landing their first job.

The research found confidence is a key barrier to securing that all important offer as 31 per cent of young people worry they don’t have enough experience to secure a job, leaving them nervous when interviewing and unable to perform to their best.

This pressure comes at a time when competition in the job market is intensifying, leading to 24 per cent of young people saying that securing a job is their primary concern for the year ahead.Despite many developing core transferable skills – such as problem solving and adaptability – through extra-curricular activities and part time jobs, a third (33 per cent) of young adults are unsure of how to make them seem relevant in job interviews.

Kirstie Mackey OBE, Head of LifeSkills at Barclays, said: “Looking for your first full-time job can be a difficult experience and it’s no bad thing to be prepared to face some rejection. However, it’s important that young people not only remain resilient, but understand how many relevant, desirable skills they bring to the table and that they go into interviews with confidence and be set up for success.”

Barclays LifeSkills helps people recognise the skills they have from participating in a range of activities, such as captaining a football team or volunteering at a local charity, and how to best apply them in the workplace.

Since its inception in 2013, Barclays LifeSkills has helped 18 million prepare for the world of work.

Football is a passion for many young people and opens doors to skills that last a lifetime. Through initiatives like the Barclays Community Football Fund, Barclays is invested in sparking more of these opportunities in communities.

To encourage and inspire young people to recognise their strengths as it celebrates its 10th anniversary, Barclays LifeSkills is working with Barclays Football Ambassador and former footballer, Ian Wright. With his unique perspective, he wants to inspire young people to recognise their strengths and help them succeed?*. This stems from findings in the research which show that over a quarter (26 per cent) of young people would welcome advice from figures outside of the academic field, with three in five (59 per cent) calling out those who work in the sporting industries as ‘inspirational’.

Ian Wright, Barclays Football Ambassador, said: “I got rejected a lot when I was trying to get my break into professional football. It does knock your confidence, but it also makes you realise how hard you have to work to make it as a professional, and that stays with you no matter what your job is.

“As a player, the pressure to be on top form and to score in every game was always there, but it’s what we trained for, and what our coaches and managers prepared us to do every time we went out on the training pitch. I knew how important it was to aim high and perform well, but we were a team, too, so we also wanted to do well for each other.

“Then when I retired from playing, I went straight into TV. But I knew nothing about broadcasting. I had to adapt quickly and surround myself with people who knew a lot more than I did and who were prepared to help me, like my coaches always had. Preparation was key for me, and it still is now.

“That’s been one of the biggest things for me – knowing that my own hard work is one thing, but having people around to help and support you is so important as well.”

LifeSkills’ top tips for transferring your skills to job interviews:

• Seize your transfer window: it’s important to understand what core transferable skills you have developed through school, extra curriculars (like football!) or maybe a part time job. When you’re preparing for an interview, go through the job description and beside each point, write down which transferable skill you have in that area – don’t forget to include examples which show how you have applied them!
• Every team needs a coach: whether it’s a parent, teacher, sports coach, or mentor – find someone who can chat through your experience and skills. Often, they will recognise talents you didn’t know you had, or spot areas where you can brush up on.
• Avoid own-goals: preparation is key ahead of any job application or interview – give yourself the best chance for success by doing plenty of research and practising with someone beforehand.

Barclays LifeSkills offers a range of resources for young people to help them kick off their careers by developing the skills essential to move forward in today’s evolving workplace. For more information about Barclays LifeSkills visit barclayslifeskills.com

Source: Barclays

The study, entitled “Redesigning brand values: Purpose and profit converge in core operations,” surveyed 1,800 consumer goods executives across 23 countries. It reveals that consumer goods companies are integrating sustainability into their operations, recalibrating sustainability measurement and reporting, as well as increasing their investment in technology to help them achieve their sustainability goals.

“The world we live in is rapidly changing and FMCGs as well as consumers are taking notice,” said Ruediger Hagedorn, CGF End-to-End Value Chain Director. “So, how are companies in this sector preparing for both a more sustainable and efficient future while leveraging new technologies? This report provides valuable insights into what determines decision making at the boardroom level globally, which will shape our future.”

Some of the key findings in the study include:

• Integrating sustainability and operations: 61% of consumer goods leaders surveyed are purposefully aligning sustainability and operational goals to optimize investments and efforts, with 77% of leaders agreeing that sustainability investments will accelerate business growth. This strategic integration is resulting in innovative initiatives such as sustainable packaging, energy-efficient manufacturing processes, and ethical sourcing of materials.
• Recalibration of measuring and reporting sustainability: Nearly 75% of leaders agree on the need to recalibrate how they measure and report on sustainability targets. However, many lack the capabilities to monitor and measure progress in real time. The study highlights the importance of establishing a solid data foundation and improving data collection capabilities to drive transparency and trust.
• Leveraging technology for operationalizing sustainability: Companies are turning to technology to effectively deliver on sustainability promises, with leaders seeing a role for multiple advanced technologies including automation (71%), analytics (69%), IoT (62%), AI (55%), and intelligent workflows (44%). As they revamp their supply chain operations, 67% cite the use of predictive and prescriptive analytics and AI-powered demand sensing (69%) to improve inventory management and eliminate excess stock. They are also applying AI-enabled workflows (70%) and are beginning to adopt the emerging technology of digital twins (26%) to drive efficiencies.

“In today’s world, consumers actively seek out brands that reflect their values, making sustainability integration an important differentiator for consumer goods businesses and the retailers they service,” said Luq Niazi, Global Managing Partner for Industries at IBM. “Meaningfully embedding sustainability into brand operations can only be achieved through a robust combination of business process, technology, ecosystem partnerships, and C-suite collaboration across manufacturing, technology, operations, supply chain, and sustainability. By embracing this holistic approach, consumer industry executives can help drive sustainable business performance to tap into a larger share of consumer spending.”

The study showcases successful examples from consumer goods companies including Levi Strauss, Pandora, Reckitt, Unilever, and Walmart, which have already begun utilizing technology for sustainability and reaping its benefits. These businesses serve as inspiration for other companies looking to drive positive change in their business operations.

Study Methodology

In 2022, the IBM Institute for Business Value and The Consumer Goods Forum (CGF), in collaboration with Oxford Economics, conducted a global survey of 1,800 industry executives across 23 countries – North America, Latin America, Europe, Middle East and Africa, and Asia Pacific – to understand how consumer products leaders balance emerging and urgent sustainability objectives with ongoing operational goals. The full study is available at:  https://www.ibm.com/thought-leadership/institute-business-value/en-us/report/sustainable-operations-consumer-products

Source: IBM