Recently, KPMG Capital released an eye-opening report entitled “Going Beyond the Data: Achieving Actionable Insights with Data and Analytics.” When conducting the study, KPMG Capital interviewed nearly 150 CFOs and CIOs regarding the use and effectiveness of data and analytics within their organization. Sadly, the insights gained from this study suggest that CFOs and CIOs are not using data and analytics to their full advantage.The Results Are In
Though most companies have an established system for tracking and analyzing data, KPMG Capital’s study suggests that significant barriers to data use exist. In fact, over 95% of respondents reported their organization could use available data in a better, results-driven way. In spite of these concerns, however, CFOs and CIOs remain consistent about the benefits of properly using data and analytics.
Benefits of Data
As outlined in the study, executives believe that these four factors are the top advantages to using data and analytics.
- Insights – The majority of executives agree that using data and analytics helps bring key insights to light that would otherwise remain hidden. According to participants, these insights are the most valuable.
- Speed – Using software to analyze data and interpret information means that businesses are able to reveal insights at a fast pace, which gives brands a competitive edge. Nearly 75% of respondents identified speed as a key benefit.
- Sophistication – The use of data and analytics helps companies dig deeper to bring more sophisticated, detailed insights to the surface, as evidenced by nearly 40% of study participants.
- Improved Efficiency – By quickly analyzing data, executives are able to promote efficiency throughout an organization. The use of data and analytics provides companies with cost savings, as technology has taken over the task of sorting through information.
The Future of Finance with Data
Under the premise of necessity for growth, Deloitte has been releasing information regarding the proper use of data and analytics in the finance sector for quite some time. Regardless, less than 30% of CIOs and CFOs report data and analytics as “crucially important” to their growth strategy. Unfortunately, unless executives are able to produce measurable results from data and analytics, companies run the risk of not being able to keep up with the competition.
How is your company using data and analytics to achieve positive results?