Finance chiefs counting the cost of companies' big data struggles.
Position | INFORM |
Avast majority of senior finance professionals admit that they are struggling to turn growing volumes of data into valuable insight, despite acknowledging the competitive advantages it could offer to their businesses.
A CIMA and AICPA survey of 2,000 finance professionals holding the CGMA designation, including CEOs and CFOs, revealed that 86 per cent of respondents are failing to make full use of the data available to them.
That's despite 87 per cent of respondents acknowledging that big data and better analytics will change the way business is done over the next 10 years. Eighty-six per cent conceded that businesses that do not fully harness big data will find themselves at a competitive disadvantage by the end of the current decade.
Respondents to the survey, featured in the latest CGMA report, "From insight to impact-unlocking opportunities in big data", identified a number of barriers to taking advantage of big data. Nearly two-thirds (62 per cent) said that the main difficulty was bringing data together from different databases and silos. Half of respondents...
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