The report, Building Trust in Analytics, polled 2,165 respondents from 10 countries, including 250 respondents from the UK, and found that most UK businesses are already using data and analytics (D&A) tools to analyse existing customers (50%), find new customers (45%) and to develop new products and services (48%). Yet, executives do not trust that they are managing their D&A processes effectively to generate desired outcomes (Computer Weekly).
Whilst the fact that most UK companies are using Data and Analytics is good, it is worrying that there is little trust in them from executives and Paul Tombleson, UK head of data & analytics at KPMG, has had this to say:
“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,”
“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.”
The survey also found that only 45% were ‘very confident’ with the insights in the areas of risk and security. Just 40% felt good about the information extracted on customer insight and only 37% were very confident about their insights around business operations.
Why put trust in Data and Analytics?
You may be asking why more trust should be put into this industry, but the answer is simple. Effective utilisation of these tools can enable a company to create and sustain competitive advantage and without it, there is the risk of being left behind. Overall there is a shortage of talent in this industry and with industry spending forecast to grow by more than 50% from 2015 to 2019, it is why it is important to recruit the right people now.
The trust and confidence will only improve when the right personnel are in place at any given company. To ensure you are getting the right insights and can be confident about making big decisions from them, you need to make sure you have a team that is both qualified and trustworthy. That’s where Bodhi Resourcing come in. Our team of experienced and friendly recruitment consultants are ready to help you build your Data and Analytics teams. Get in touch by emailing email@example.com for more information or call us on 0117 315 5265.