Why Companies Struggle With Data and Analytics
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Why Companies Struggle With Data and Analytics
By Dennis McCafferty -
Lagging ROI
97% of survey respondents said their organization uses data and analytics (D&A), but less than one-fifth are satisfied with the insights these tools provide. -
Data Difficulties
58% said their company struggles to evaluate data quality and reliability, and just 14% said they have the talent and capabilities required to fully leverage D&A. -
Hidden Opportunity
Less than 25% said their organization uses D&A to identify new revenue streams. -
One-on-One
Just 31% said their company uses these tools to drive individualized marketing. -
Present Tense
Only 16% said their organization takes advantage of D&A to predict future trends. -
Top Ways to Drive Greater Revenue from D&A
Improve data analysis techniques: 84%, Increase adoption throughout the business: 66%, Improve data capture: 66% -
Regular Deployment
63% said their business uses D&A on a monthly basis for decision-making, and 7% said they use it daily. -
Biggest Current Advantages of D&A
Faster business decisions: 86%, More accurate business decisions: 80%, Reduction of business risk: 67% -
Consumer Perspective, Part I
81% of survey participants said their company has improved its understanding of customers through D&A, and 50% said they've increased sales thanks to these tools. -
Consumer Perspective, Part II
72% said their business makes "regular" or "heavy" usage of social media data to improve customer relationships, and 41% said their organization creates more tailored offers to prospective customers through D&A.
Nearly all organizations are using data and analytics (D&A) solutions, but very few are satisfied with the results, according to a recent survey from KPMG International. The report, titled "Going Beyond Data: Turning Data from Insights into Value," indicates that companies struggle to evaluate data quality and reliability. Meanwhile, they don't have the internal talent required to overcome these and other barriers. To do better, they plan to increase adoption at all levels of business while building a better understanding of how to get the most out of D&A. "Business leaders face some critical challenges in realizing the full value of their data insights in the areas of revenue growth, customer support and overall competitive advantage," said Christian Rast, global head of D&A for KPMG. "Generating long-term value from data requires that organizations continue to move toward a robust, enterprisewide D&A strategy that embeds D&A solutions and tools in every part of the organization." A total of 830 global senior business execs, including CIOs. took part in the research.