Executives still mistrust insights from data and analytics – via CIO

Data and analytics are increasingly becoming central to business decision-making. But even as organizations push to make their decision-making more data-driven, business leaders accustomed to making decisions based on gut-instincts and experience are having trouble trusting insights from data and analytics (D&A).

Forrester Consulting, commissioned by the Data and Analytics Global team at professional services firm KPMG, recently surveyed 2,165 data and analytics decision-makers from a range of industries in nine nations.

KPMG recommends organizations address seven key areas to close the trust gaps:

  •  Assess the trust gaps
  •  Create purpose by clarifying goals
  •  Raise awareness to increase internal engagement
  •  Develop an internal data and analytics culture
  •  Open up the ‘black box’ to encourage greater transparency
  •  Provide a 360-degree view by building ecosystems
  •  Stimulate innovation and analytics R&D to incubate new ideas and maintain a  competitive stance

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Extracting Insights from Vast Stores of Data via Harvard Business Review (Rishad Tobaccowla & Sunil Gupta, authors)

Companies have invested millions of dollars in big data and analytics, but recent reports suggest most have yet to see a payoff on these investments. In an age where data is the new oil, how are smart companies extracting insights from these vast data reservoirs in order to fuel profitable decisions?

Companies that have been successful in harnessing the power of data start with a specific business problem and then seek data to help in their decision-making. Contrary to what Anderson preached, the process starts with a business problem and a specific hypothesis, not data.

Access full article from the Harvard Business Review