Although 60 percent of employers have implemented data analytics strategies, 39 percent of management members say they do not have to appropriate access to marketplace data necessary to make strategic decisions, according to a new survey from KPMG.
Thus, 45 percent of respondents say it is more difficult to analyze current data and act meaningfully based on the results, and more than one-quarter of respondents say dealing with data from other sources is a primary hurdle.
"Data generated on the Internet by customers and vendors can help offer new predictive opportunities to anticipate market changes," says Jeanne E. Johnson, who leads KPMG's Data & Analytics innovation initiative. "But it remains a huge challenge to harness this kind of data as it is not only generated from disparate reporting systems but is generated by a wide variety of external stakeholders."
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Based on the survey, KPMG maintains that the old standards for measuring, managing and monitoring a business and its quality of data are even more important. This is especially true as speed, the need for trustworthy information and machine learning impact the marketplace.
"To succeed in the data driven economy, you'll have to be able to figure out what you didn't know or didn't expect as well as optimize what you did know and could anticipate," Johnson says.
Another 29 percent of respondents report that improvements regarding data and analytics would fundamentally change their businesses or industries in the next five years while 42 percent of respondents say data and analytics would make a critical impact in several areas of their businesses and industries. Still, 36 percent of respondents say it will take one to three years before they can implement a data and analytics strategy offering prognostic looks into the market.
Forty-five percent of respondents say they agree or strongly agree data analysis is part of their boards of directors' agenda, and their companies typically center on data security rather than using data to advance core business operations.
"This survey demonstrates that data and analytics has become a central strategic approach as most companies believe the key to predicting the needs of customers is directly correlated with analysis from all data sources," Johnson says.
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