Tackling the data challenge
Late last year, KPMG International announced the formation of KPMG Capital, an investment fund created to accelerate innovation in data and analytics services and solutions. The launch generated significant interest in the media and among industry commentators.
In January, we provided further insight around the challenges clients face regarding data with the release of our global study: Going beyond the data: Achieving actionable insights from data and analytics.
The research revealed a stark disconnection between C-suite executives who realize the value of big data, but are unsure of how to effectively implement and manage their existing resources.
With the vast majority of executives (85 percent) struggling to accurately analyze and interpret their existing data, it’s time for business executives to consider new approaches to data and analytics (D&A).
Survey findings included:
• 80 per cent of executives say that speed is a key benefit of using D&A
• 69 per cent consider D&A to be crucial or very important to their current
growth plans
• While most respondents (56 per cent) changed their business strategy to meet
the challenges of big data, 42 per cent of executives admit integrating data
technology into existing systems and/or business models is their greatest
challenge
• More than half of all respondents (54 per cent) identified 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 solution to analyze and interpret data.
“We live in an increasingly data-driven world where D&A has the potential to revolutionize the way we conduct and manage business operations across the entire enterprise,” said Mark Toon, CEO of KPMG Capital and Global Leader of D&A.
“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 operationalize these insights.”
