Study: Execs find it hard to act on 'big data'
While just about all executives at large companies see the value in using data and analytics to help make critical decisions, about three in every four find it difficult to do, according to a study by a division of U.S. audit, tax and advisory services firm KPMG.
"We live in an increasingly data-driven world where (data and analytics) has the potential to revolutionize the way we conduct and manage business operations across the entire enterprise," said Mark Toon, CEO of KPMG Capital. "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.”
The study found that 99 percent of 144 chief financial and information officers from multinational companies with annual revenues of at least $1 billion consider data and analytics – or “big data” – important, only 75 percent find it difficult to make decisions around that data.
“This report demonstrates not only the hunger to harness new … capabilities, but also the greater level of support that's needed to operationalize these insights," Toon said in a statement distributed by KPMG.
Additional findings included:
80 percent of executives agree speed is a key benefit of using data and analytics;
69 percent consider data and analytics to be crucially or very important to current growth plans;
While the majority of respondents (56 percent) changed their business strategy to meet the challenges of big data, 42 percent of executives admit that their greatest challenge is integrating data technology into existing systems or business models;
More than half of all respondents (54 percent) identified their greatest barrier to implementing a successful data and analytics strategy was an inability to identify what data to collect; and
85 percent consider their biggest challenge with analytics to be implementing the right tools to analyze and interpret data.
WBJ Web Partners
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