KPMG has announced the findings from a recent data and analytics (D&A) report that reveal a stark disconnect between C-suite executives who realise the value of big data but are unsure of how to effectively implement and manage their existing resources.
The report, Going beyond the data: Achieving actionable insights from data and analytics, based on interviews with 144 CFOs and CIOs from multinational companies with annual revenues of $1bn (£600m) or more, also discovered a large majority of executives (75 per cent) find it difficult to make decisions around D&A, even though 99 per cent consider it to be important to their business.
Mark Toon, chief executive officer of KPMG Capital, said: ‘From CEOs, to CFOs, CIOs and CMOs, the challenge for today’s executive is understanding how to draw actionable insights from data and turn them into tangible genuine results.
‘This report demonstrates not only the hunger to harness new D&A capabilities, but also the greater level of support that’s needed to operationalise these insights.’
Additional survey findings included:
- 80 per cent of executives agree speed is a key benefit of using D&A
- 69 per cent consider D&A to be crucially or very important to their current growth plans
- While the majority of respondents (56 per cent) changed their business strategies to meet the challenges of big data, 42 per cent of executives admit that integrating data technology into existing systems and/or business models is their greatest challenge
- More than half of all respondents (54 per cent) identified that their greatest barrier to implementing a successful D&A strategy was an inability to identify what data to collect
- 85 per cent consider their biggest challenge with analytics to be implementing the right solutions to analyse and interpret data