While it seems that most companies understand the benefits of data and analytics, the problem lies in how to actually implement an effective strategy. Many companies still suffer from data siloes or legacy systems. And the larger the company, the more data has grown and proliferated into multiple systems.
Most companies are focused on just a fraction of what their data is telling them. However, according to a recent study by KPMG (source), 69% of companies consider it either crucial or very important to find better ways to use data and analytics. Other key findings include: 56% of respondents say they have changed their business strategy to meet the challenges of big data. 42% consider integrating data technology into existing systems and/or business models to be the biggest challenge their companies face regarding data. 85% said that one of their biggest challenges with analytics is in implementing the right solutions to accurately analyze and interpret data. 75% expressed some level of difficulty around analyzing data.