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Data Analytics: Businesses Disappointed With Their Efforts to Apply Analytics
Enterprises aren’t satisfied with their tools for data analytics. A report from KPMG International found that while 97 percent of organizations surveyed said that they use data analytics, only 19 percent were satisfied with the results from their analytics tools.
The report describes successes achieved by using data analytics:
- 86 percent of organizations say that data analytics helps them make decisions more quickly
- 81 percent of organizations use analytics to improve their understanding of customers
- 50 percent of US businesses say they’ve increased sales as a result of applying data analytics
- 41 percent of C-level executives say that data analytics has helped them create targeted offerings for prospective customers
But the report also notes a number of challenges:
- 58 percent of organizations doubt the quality and accuracy of the data used for analytics
- Only 14 percent of organizations say that they have the right talent and capabilities to fully use data analytics
Nova Spivack, CEO of Bottlenose, said that “companies are getting really good at collecting data, but they are having big problems connecting it. Analyzing a single source of data will never drive real value; it takes multiple streams of data to get real insight.”
Christian Rast, KPMG Global Head of data analytics, said that “in the last two years we’ve seen a tremendous increase in data analytics adoption and maturity across organizations; for example, more than 80 percent in our survey say they are making faster, more accurate decisions with data analytics, and over 67 per cent use data analytics to reduce risk. Yet, we also know that business leaders face some critical challenges in realizing the full value of their data insights in the areas of revenue growth, serving customers and overall competitive advantage.”
