GlobalAutoTV
Click to watch Franz Neumeyer -
Click to watch Franz Neumeyer -
euro resources


Need an office in Europe or Eastern Europe? Office suites, meeting rooms, virtual offices, network access




free downloads
EUROPE: "Spain and Italy Continue to Drive Western Europe Auto Recovery (Q2 2016)" report

EUROPE: "Spain and Italy Continue to Drive Western Europe Auto Recovery" report. 6-page report by BAIRD.

proceed to download
eJournals





back to index backEUROtalk November,  2016


UK business execs lack confidence in generating trusted insights from data and analytics

Most UK business leaders believe in the value of using data and analytics (D&A), but say they lack confidence in their ability to measure the effectiveness and impact of D&A, and mistrust the analytics used to help drive decision making, according to a new survey from KPMG.

Most UK business leaders believe in the value of using data and analytics (D&A), but say they lack confidence in their ability to measure the effectiveness and impact of D&A, and mistrust the analytics used to help drive decision making, according to a new survey from KPMG.

The report, Building Trust in Analytics, consisting of survey 2,165 respondents from 10 countries, including 250 respondents from the UK, found that most UK businesses use D&A tools to analyse existing customers (50 percent), find new customers (45 percent) and to develop new products and services (48 percent). Yet, executives do not trust that they are managing their D&A processes effectively to generate desired outcomes and lack the necessary measures to assess the efficacy of those models.

As analytics increasingly drive the decisions that affect us as individuals, as businesses and as societies, there must be a heightened focus on ensuring the highest level of trust in the data, the analytics and the controls that generate desired outcomes,” said Paul Tombleson, UK Head of Data & Analytics at KPMG.

Failing to master analytics will not only make it increasingly hard for organisations to compete, but will expose their brands to new and growing risks. Seventy percent of UK executives believe that by using data and analytics they expose their organisations to reputational risk.”

Despite this clear recognition of the potential opportunities and risks of using D&A, the report also found that respondents are not very confident in the insights they are deriving from D&A, particularly in the areas of: risk and security where only 45 percent are very confident in their insights, 40 percent for customer insight and only 37 percent were very confident about their insights around business operations.

These low levels of trust may originate at the top and filter down through the organisation, the survey data suggests. Nearly half of respondents report that their C-level executives do not fully support their organisation’s data and analytics strategy. This low level of confidence points to a lack of trust in the insights generated by D&A, which may be due to D&A’s inherent complexity, plus a human instinct for emotional decision making.

Tombleson said: There is no doubt that subjective, gut-feel decision-making is being supplemented by data-driven insights to allow organisations to better serve customers, drive efficiencies and manage risk. However the survey indicates that executives’ level of confidence in their insights is not where it should be.

Transparency about the use and impact of an organisation’s data and analytics is one way of overcoming mistrust, but it is not always easy. We need to take D&A out of the ‘black box’ to encourage greater understanding about its use and purpose to help organisations trust the new insights it can bring.”

Source: KPMG UK - GAI





previous page

go top
search our site


Loading

EUROtalk

Other articles from the same issue (November,  2016).

Germans shocked by Autobahn privatization plan
play read on

Europe's biggest markets enjoy best new car sales since 2009 - despite weak October
play read on

UK seeks to secure tariff-free trade for auto industry
play read on

The German Auto Industry Is Finally (Maybe) Done With Gas
play read on

German Automakers Sweat Over China's Draft Electric-Vehicle Quotas
play read on

Steady growth for UK new car market in October
play read on

New anti-dumping measures against China’s import proposed by Commission
play read on

Manifesto calls for an end to Germany's digital lag
play read on

German industrial order books shrinking
play read on

How to raise capital in Europe… and beyond
play read on

Luxembourg Investment Vehicles
play read on

EU researchers offer sustainable solutions for European manufacturing
play read on

Europe Finally Wakes Up To The New Silk Road, And This Could Be Big
play read on

Turkey: Now EU is talking about economic sanctions
play read on

EU and Canada sign free trade accord, but has to clear 40 European parliaments
play read on

European Union: AG opines Luxembourg VAT exemption for cost-sharing groups incompatible with EU law
play read on

France’s abolition of surtax exemption on tax-consolidated distributions will not apply retroactively
play read on

EU Re-launches Common Consolidated Corporate Tax Base
play read on

Britain’s manufacturing sector is changing beyond all recognition
play read on

Although UK High Court Ruled that Only Parliament Can Authorize Brexit Divorce, Companies Should Still Start Contingency Planning
play read on

Brexit offers British firms opportunities to build business beyond Europe and create a new era of global trade for the UK, study finds
play read on

Study: Brexit throws £65 billion of investment into doubt
play read on

Rise of the working poor across Europe
play read on

Schengen visa reimposed on Russian-Polish border
play read on

Report: Guide to Taxes on Real Estate in Central and Eastern Europe
play read on

Investment in Slovakia 2016 - Guide
play read on

Spanish unions reject budget adjustment demanded by EU
play read on

European Family Business Barometer: Successful & Resiliant (fifth edition)
play read on

UK business execs lack confidence in generating trusted insights from data and analytics
play read on

Russian de-offshorisation law
play read on

France makes another U-turn on EU trade policy
play read on


Our Free eJournals
GlobalAutoExperts

To visit GlobalAutoExperts Directory, click here.


©2008 GlobalAutoIndustry.com | HCI Group, Ltd.
101 West Big Beaver Road, Suite 1400 | Troy, MI 48084 USA
USA Tel: +1.248.687.1060 | USA Fax: +1.248.927.0347
Fax UK: +44.(0)845.127.4765 | Fax Europe: +31.20.524.1659 | Fax Asia: +852.3015.8120