Data analytics is highest-ranked strategic area for C-suite

This makes it the highest-ranked strategic area in the survey. The annual Global Top of Mind survey, run by Oxford Economics on behalf of The Consumer Goods Forum and KPMG International, gathered the views of 469 C-Suite and senior executives across 32 countries. Other findings included:

• Data analytics was cited as one of the three biggest challenges over the next 12 months (behind supply chain management and data security)
• 54% of respondents named digital strategy for mobile/ digital platforms as top of mind for their business over the next 12 months
• But 32% currently see themselves as having weak or no capabilities in these areas
• 47% of respondents cited data security as being very or critically important to their business – 29% said it would be one of their biggest challenges over the next 12 months

“The survey results reveal that improving capabilities in the area of data analytics is the number one strategic priority for executives in the consumer space in 2014,” said global chair of consumer markets at KPMG International, Willy Kruh. “At a time when 90% of the data currently available has been generated in the last 2 years, the volume is overwhelming. And while data analytics may be at the top of the corporate agenda, the challenge that should really be keeping companies awake at night is data security.

“Although 47% of the respondents cited data security as being very or critically important, this is not enough. Companies are still a long way from where they need to be in terms of protecting their client and proprietary information from security breaches. Hackers will always be one step ahead, and companies need to ensure they are not overconfident in their ability to protect themselves.”