Executives are well aware of the value that comes with data and analytics in the digital age but a significant number are not yet delivering a programme that is effective and well managed.
According to new research from KPMG, a whopping 96 per cent of businesses admit that at present they are not managing this asset in a successful way, with 85 per cent struggling to overcome challenges when extracting insight.
The global professional services company said that there is a "stark disconnect" between knowing about the virtues of data and having the skill and understanding to "implement and manage their existing resources".
Canvassing the opinions of 144 chief financial officers and chief information officers from multinational companies that tend to record annual revenues of $1 billion (approximately £608, 342 million) or more, KPMG found that there is still a gap between having access to data and using it to inform decisions.
"We live in an increasingly data-driven world where D&A has the potential to revolutionise the way we conduct and manage business operations across the entire enterprise,” Mark Toon, chief executive officer of KPMG Capital said.
"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 data and analytics capabilities, but also the greater level of support that’s needed to operationalise these insights."
The report, entitled Going beyond the data: Achieving actionable insights from data and analytics, also found that 69 per cent of executives are of the opinion that data and analytics are "crucial" and extremely important to contributing to their growth plans.
Integrating data management programmes into their existing systems and/or business models was described by 42 per cent of bosses as being their "biggest challenge", but this is something that can be solved through consultations with data quality experts that possess the skills and experience in devising bespoke packages.
Such authorities can help executives better manage and engage with data, thereby allowing them to unlock the value that can be in this asset. This, in turn, can transform the decision making process and revolutionise all aspects of an organisation.