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KPMG Capital Study Reveals 96 Percent of Businesses Say They Are Not Managing Data Effectively

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KPMG Capital Study Reveals 96 Percent of Businesses Say They Are Not Managing Data Effectively

Executives see value of data and analytics, but 85 percent face challenges in analyzing their existing data

but are unsure of how to effectively implement and manage their existing resources.

According to a report issued by KPMG Capital, a large majority of executives (75%) also find it difficult to make decisions around data and analytics (D&A), even though 99% consider it to be important to their business.

"The challenge for today's executive is understanding how to draw actionable insights from data and turn them into tangible, genuine results."

"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. "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."

Additional survey findings included:

  • 80% of executives agree speed is a key benefit of using D&A.
  • 69% consider D&A to be crucially or very important to their current growth plans.
  • While the majority of respondents changed their business strategy to meet the challenges of big data, 42% of executives admit integrating data technology into existing systems and/or business models is their greatest challenge.
  • More than half of all respondents identified their greatest barrier to implementing a successful D&A strategy was an inability to identify what data to collect.
  • 85% consider their biggest challenge with analytics to be implementing the right solution to analyze and interpret data.

"From social media-based analytics to predictive modeling, the available solutions are endless. And so are the applications – from risk management and cost optimization to identifying new revenue streams,” said Mr. Toon.

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