Beancounters here and on the other side of the pond say that companies are struggling to cope with the enormous amount of data they are gathering. And that could cost them dear.
The Chartered Institute of Management Accounts (CIMA) and the American Institute of CPAs (AICPA) surveyed 2,000 finance professionals – including CEOs and chief financial officers – and found to their dismay that 86 percent of organisations struggle to make sense of the data they’re storing.
And nearly half (44 percent) surveyed said their organisations don’t have the right tools in place to understand the trend. Only 53 percent are investing in tech to harvest and get insight into the data.
The main reasons organisations are struggling is that they can’t bring the data together; aren’t sure if the data is good quality; are unable to get information from non-financial dta and identifying trends and insights.
Nevertheless, according to Peter Simons, an analyst at CIMA, companies do understand that big data is a real business asset. He said as many as 93 percent of the respondents think finance has an important part to play to help their organisations benefit from data.
