Building trust in analytics: breaking the cycle of mistrust in data and analytics
How can organisations build their confidence in insights from data to make faster, more accurate decisions?
Paul Tombleson, Paul Cushion (contact)
17 minutes read
Today, objective insights derived from data are replacing subjective decision-making. This is helping many organisations to serve their customers better, operate more efficiently and manage risks.
Despite this, many organisations are not very confident in the insights they get from their data and analytics (D&A) sources. In our survey, just 34 percent say they have a high level of confidence in their operational D&A. And only 38 percent voice a high level of confidence in the D&A that drives their customer insights. Trust in risk and security-related D&A is higher, but still only 43 percent.
This lack of confidence is stopping organisations making the fast, accurate decisions that underpin competitive advantage. So what’s to be done? In this report, KMPG identifies four ‘anchors of trust’ that we consider organisations need to develop to become more confident about their D&A insights:
- Quality: Are the D&A fundamentals good enough? How well do organisations understand the role of quality in developing and managing tools, data and analytics?
- Effectiveness: Do the analytics work as intended? Can organisations determine the accuracy and utility of the outputs?
- Integrity: Is the D&A being used in an acceptable way? Is the organisation complying with data regulations and ethical principles?
- Resilience: Are long-term operations optimised? How good is the organisation at ensuring good governance and security throughout the analytics lifecycle?
This KPMG report will help you understand:
- what the most common capability gaps are, and what you can do to close them
- how to build D&A trust and gain confidence in using data-driven insights to make smarter decisions.