Organisations using data and insights to inform their corporate strategy have decreased since 2020, according to a new survey by KPMG.
A statement from the firm says that during the pandemic, 76 percent of New Zealand organisations surveyed said data and insights informed their strategy, compared to 69 percent in 2022.
The report surveyed digital and data professionals across New Zealand about their organisations’ technical and organisational data maturity, digital transformation approach and current skillsets.
Using and trusting data from external sources was a key topic. KPMG says the survey revealed that the majority of organisations surveyed (89 percent) acquire and store data from external sources, but 78 percent said that the outsourcing of digital solution development must be collaborative in order to trust the data and analytics.
Just under two thirds (65 percent) agreed that their organisation has trust in the data and analytics available to them. Access and transparency were highlighted as key elements, as leaders who have easy access to their organisation’s data are twice as likely to trust it.
Despite new climate-related disclosure requirements on the horizon for many organisations, 36 percent of those surveyed did not believe that their organisation has a need to manage internal or external ESG data.
KPMG says this contradicts the view from New Zealand CEOs in its recent CEO Outlook report, in which local CEOs called out identifying and measuring agreed metrics as the biggest barrier to delivering on their ESG strategy.
Head of KPMG’s Data and Analytics practice, Stephen Hastings, says it’s interesting to see how digital transformation and the integration of data may have slipped back down the agenda after time in the spotlight during the pandemic.
“Organisations that are investing in integrating strategy and leadership with data-driven insights are reaping the rewards. Those who don’t may be missing out on opportunities to improve their customer experience, increase productivity and report on vital metrics that build trust with their stakeholders,” he says.
