According to the report released by KPMG International in 2018, a global survey of CEOs around the world found that 67% said they overlooked the insights provided by data and analytics models or computer-driven models because it contradicted their own experience or intuition. Essentially, those CEOs chose instincts over data.
Fast forward to 2021, there can be no doubt that data will provide more certainty and agility amidst an uncertain and fast-changing environment. CEOs now sees agility as the dominant currency of business and are doubling down on digital transformation priorities to build the capabilities needed to win in the post-COVID future. In fact, a significant number of CEOs (46%) had reported that progress for their digitization of operations has sharply accelerated, putting them years in advance of where they expected to be.
Data and analytics have changed how CEOs and the rest of the C-suite make business decisions. And they continue to get more sophisticated: AI that draws on deep learning techniques, for example, will transform predictive analytics.
Today, business leaders are driven to implement tools and systems that can give them a 360-degree view of their business operations and customers. While companies collect a rich volume of customer data, most are unable to derive meaningful insights about their customers. A 360-degree data solution can tackle this by aggregating the data from all business units across time, operating segments, products and even locations to create a ‘single source of truth’ data platform.
This enables businesses to analyze past results, current trends, and even predict customers’ spending patterns. In the case of one of the world’s largest ice cream retailers , it also empowered them to develop effective and data-driven marketing campaigns to increase profitability and spur higher returns of investment.
Data is a great hidden resource that flows, largely untapped, through most organizations. Analytics can convert the volume of that information into trustworthy insight while advances in data science can uncover the hidden patterns, connections and causal links that explain human behavior and business outcomes. The only question is, will you be ready to take that step to transform today or risk falling behind your competitors.
 Global CEO Outlook survey report series from 2018 to 2021, KPMG International. Source