A recently released report reveals “a stark disconnect” between the understanding by executives of the value of big-data analytics and their grasp of where to start on big-data projects in their organizations.
A survey of 144 CFOs and CIOs at multinational corporations with annual revenues north of $1 billion, conducted by KPMG Capital and released in January, reveals that while 99 percent of executives surveyed understand that what KPMG calls “data and analytics” (D&A) is important to their businesses, 75 percent “find it difficult to make decisions around D&A.”
“The challenge for today’s executive is understanding how to draw actionable [sic] insights from data and turn them into tangible, genuine results,” said Mark Toon, CEO of KPMG Capital in a press release. His group is a new division of the global auditing, tax, and business advisory services giant KPMG International, which was created in November specifically to go after the D&A market.
Given that the survey reveals that 85 percent of executives who responded said they struggle to analyze and interpret their data to make business decisions, “business leaders need better tools and processes to uncover valuable business insights,” Toon said.