CIOs Fall Short in Reaping Gains From Big Data

 
 
By Dennis McCafferty  |  Posted 02-04-2014 Email
 
 
 
 
 
 
 
 
 
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    Agenda Driver
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    Agenda Driver

    Nearly seven in 10 survey respondents say data and analytics (D&A) is either "crucial" or "very important."
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    Top Benefits of D&A
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    Top Benefits of D&A

    Conducting analysis with greater speed: 79%, Identifying insights that would have otherwise been missed: 65%, Increasing sophistication: 59%, Saving costs due to improved efficiency: 58%
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    Budget Item
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    Budget Item

    71% say they plan to spend more than 5% of their sales on D&A over the next two years.
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    Unexploited Potential
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    Unexploited Potential

    96% say that they could do a better job deriving value from D&A, and 56% say at least some of the resulting benefits "left on the table" could be significant.
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    Biggest Challenges of Data Capture
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    Biggest Challenges of Data Capture

    Integrating data tech into existing systems and business models: 42%, Getting enough capacity to capture all data from every area of business: 36%, Identifying what data to collect: 26%
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    Learning Curve
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    Learning Curve

    75% say there's at least some level of difficulty in making decisions based upon D&A.
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    Flexible Plan

    56% say they've changed their business strategy to meet the challenges of D&A.
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    How Global Organizations Have Changed Business Strategies to Benefit D&A
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    How Global Organizations Have Changed Business Strategies to Benefit D&A

    Increased capacity via hardware or personnel: 47%, Attained management buy-in for big data collection and analysis: 39%, Honed parameters for data collection: 27%
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    Top Steps Taken to Help Integrate D&A
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    Top Steps Taken to Help Integrate D&A

    Upgraded IT systems: 53%, Improved data collection processes: 51%, Trained management to use data in decision making: 45%, Trained staff in D&A: 39%, Recruited for D&A: 38%
 

They set aside big bucks to gather it. They hire hotshot IT talent to analyze it. And the highest levels of the C-suite are determined to fully exploit it in the interest of ROI. So why do so many organizations struggle with big data? Because they're still trying to figure out the best way to gather, integrate and make sense out of it, according to a recent survey from KPMG Capital. As a result, the majority of CIOs and CFOs say they're leaving tangible, business-benefiting value "on the table." Among corrective measures, they're seeking to boost systems integration resources and capture capacity, in addition to recruiting and training for better data & analytics (D&A) talent. "D&A has the potential to revolutionize the way we conduct and manage business operations across the entire enterprise," says Mark Toon, CEO of KPMG Capital. "The challenge [involves] understanding how to draw actionable insights from data, and turn them into tangible, genuine results." Nearly 145 global CIOs and CFOs participated in the research. For more about the survey, click here

 
 
 
 
 
Dennis McCafferty is a freelance writer for Baseline Magazine.

 
 
 
 
 
 

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