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Compliance and Analytics: Businesses Need to Embrace and Support Analytics by Investing in Technology and Training
Even as businesses increasingly use data and analytics (D&A) within their organizations, a majority of executives at those same companies distrust the findings, according to a study by KPMG. 48 percent use D&A for finding new customers and 47 percent for developing new products and services. Of those businesses 60 percent of executives said that they are not confident in the results.
Only 10 percent of businesses thought that the quality of their D&A was good, and 13 percent thought that they were appropriately managing the privacy of their data. 38 percent said that they were confident in their customer insights and 34 percent felt confident in their business operations insights.
KPGM recommends that businesses step up their use of technology and level of D&A to help them become more efficient and improve compliance.
Christian Rast, KPMG partner in Germany, said that “failing to master analytics will not only make it increasingly hard for organizations to compete, but will expose their brands to new and growing risks. Seventy percent of executives believe that by using data and analytics they expose their organizations to reputational risk.”
Richard Girgenti, principal at KPMG,said that “at a time when chief compliance officers are strained for budgets and resources, they can achieve efficiencies as well as improve their organization’s compliance program by leveraging technology and data and analytics to support a wide range of compliance activities including risk assessments, monitoring, testing, training, reporting and document retention.”