Regardless of your industry, data and analytics play a critical role in making positive decisions in the workplace. Whether you want to gather some detailed reporting on your contractor workforce hours or analyse your payroll functions, technology is paving the way for these insights.
However, while many businesses have the technology to access this information, a recent report highlights that very few have the capability to take any meaningful data of it.
KPMG International’s Going Beyond the Data – Turning Data from Insights into Value report surveyed 830 senior business executives across 15 nations. According to the findings, 97 per cent use data and analytic technology, though only 19 per cent noted they were ‘satisfied’ with the insights offered.
KPMG Global Head of Data and Analytics (D&A) Christian Rast explained the results in more detail.
“In the last two years, we’ve seen a tremendous increase in D&A adoption and maturity across organisations; for example, more than 80 per cent in our survey say they are making faster, more accurate decisions with D&A, and over 67 per cent use D&A to reduce risk,” he said.
“Yet, we also know that business leaders face some critical challenges in realising the full value of their data insights in the areas of revenue growth, serving customers and overall competitive advantage.”
What departments use data and analytics the most?
Based on KPMG’s report, the HR department is among the most active in data and analytics use, alongside R&D, supply chain and finance. Almost half (47 per cent) of these departments agreed that productivity was the primary driver from data and analytic adoption.
KPMG Partner Anthony Coops noted organisations need to understand that insight doesn’t materialise from data alone.
“The ability to apply advanced analytics that can map the data to the critical business drivers and issues calls for stronger alignment between the business and the analytics process,” he stated.
Similarly, Forbes reported IBM statistics that suggest poor data insight can cost business between 20 and 35 per cent of their operating revenue – something that can have a dramatic effect on an organisation of any size.
Are you looking for an analytical edge?
In the IT contracting industry, there is only one provider to consider for your data and analytic needs: Oncore Services. With a proud history in the Australian market, our expert team can help both recruiters and businesses gather the necessary data through vital business functions to boost productivity and ensure your contractors are looked after.
For more information on how to get started, be sure to get in touch with us.