Data analytics yet to catch onBusiness | Kevin Xu 18 Oct 2019
A mere six percent of the finance departments in local companies have invested in advanced data analytics, a survey by KPMG and the Association of Chartered Certified Accountants shows.
The survey was conducted among 217 financial professionals.
More than half of the respondents remain heavily reliant on manual processes and spreadsheets to do data analysis.
About 46 percent of the finance departments say they will invest in advanced data analytics over the next three years.
Retail companies are more willing and open to use data analytics as they are more affected by external factors, said Eunice Chu, head of policy at ACCA Hong Kong.
About 14 percent of the financial professionals stated resistance to change as a key hurdle to investing in data analytics, and 25 percent noted "cultural change" was the most critical factor needed to invest in forward-looking data analytics.
Only 19 percent of organizations have a dedicated annual budget for data analytics, according to the survey, and 20 percent have an overall budget for technology initiatives that includes data analytics.