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Just One-Third of CEOs Trust their Data and Analytics, KPMG Survey Finds

KPMG_logoJust one-third (33 percent) of CEOs have a high-level of trust in the accuracy of their Data & Analytics, 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,” said Brad Fisher, 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%) feel their organizations are leaders of D&A usage.

The emergence of advanced D&A has changed the decision making approach for many organizations,” said Wilds Ross, Principal of Data & Analytics.  “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%) 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%)
  • Medium-size companies are using D&A to manage risk (44%).

To view the full report, visit HERE.

About the KPMG CEO Study

The third annual KPMG CEO Study analyzes the views of 400 U.S. CEOs from organizations with at least $500 million in revenue.  The survey canvasses opinion on a wide range of issues affecting the business landscape, including topics such as U.S. economic conditions, technological disruption, innovation, regulation, and cyber security.

 

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