Survey shows only a few companies invested in advanced data analytics for financeBusiness | 17 Oct 2019 3:40 pm
Only 6 percent of the finance functions of 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 finance functions say they will invest in advanced data analytics in 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.
Only 19 percent of organizations have a dedicated annual budget for data analytics, according to the survey.