You may be surprised to learn that many finance and technology executives, while they value data and are motivated to deliver data-driven action in their enterprises, are not sure how to effectively manage their data resources and turn voluminous amounts of data into effective and useful business insights that drive action. So it is not surprising that many managers in law and other professional service firms face the same uncertainty with respect to their businesses.
According to a recent data and analytics report on the findings of a study commissioned by KPMG Capital, more than two-thirds of the 144 CFO’s and CIO’s surveyed believe data and analytics (D&A) are crucially important or very important to their business. The numbers jump to 99% when including those who would say it is somewhat important. However 85 percent say they face challenges implementing the right solutions to accurately analyze and interpret their existing data, and 75 percent say they find it difficult to make decisions around data and analytics.
KPMG Capital announced that the findings from the report (Going beyond the data: Achieving actionable insights from data and analytics) “reveal a stark disconnect between C-suite executives who realize the value of big data, but are unsure of how to effectively implement and manage their existing resources”. Furthermore, “a large majority of executives (75 percent) find it difficult to make decisions around D&A, even though 99 percent consider it to be important to their business”.
“We live in an increasingly data-driven world where D&A has the potential to revolutionize the way we conduct and manage business operations across the entire enterprise,” said Mark Toon, CEO of KPMG Capital, in the firm’s press release. “From CEOs, to CFOs, CIOs and CMOs, the challenge for today’s executive is understanding how to draw actionable insights from data and turn them into tangible, genuine results. This report demonstrates not only the hunger to harness new D&A capabilities, but also the greater level of support that’s needed to operationalize these insights.”
All of this points out, to quote Mr. Toon, that “business leaders need better tools and processes to uncover valuable business insights”. We at Decision Analytics Group believe that the ViewPoint product, along with the will to implement a culture of data-driven action, is exactly the tool that all law and other professional service firms need to uncover and leverage those insights and create a real competitive advantage.