KPMG survey: Just one-third of CEOs trust their D&A
Just one-third (33 percent) of CEOs have a high-level of trust in the accuracy of their data and analytics (D&A), a new KPMG survey has found, and 29 percent have limited trust or active distrust of their organization’s use of D&A.
“In a global environment defined by constant disruption, business leaders need D&A they can trust to inform their most important decisions,” says Brad Fisher, KPMG partner and U.S. leader of data & analytics. “However, many C-suite executives are uncertain about the underlying information included in their data and the resulting analytical conclusions being reached.”
The survey also found:
- Seventy-seven percent said they have concerns about the quality of data on which they base their decisions.
- Less than one-third (31 percent) feel their organizations are leaders of D&A usage.
“The emergence of advanced D&A has changed the decision-making approach for many organizations,” says Wilds Ross, principal of data & analytics at KPMG. “CEOs need to be able to trust the process from the elemental data points to the analytical recommendations.”
The survey also uncovered the ways that companies are harnessing D&A for their businesses. Specifically:
- Over half (51 percent) of CEOs are using D&A to develop new products.
- Forty-nine percent said they are using D&A as a way to find new customers.
- Large companies are using D&A to improve financial reporting (54 percent).
- Medium-size companies are using D&A to manage risk (44 percent).
The study analyzed the views of 400 U.S. CEOs from organizations with at least $500 million in revenue. To view the full report, click here.
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