Hong Kong's Data-Driven Future
KPMG recent launched a report, titled “Hong Kong’s Data-driven Future” to share our latest research and insights into the current use and development of data analytics in Hong Kong and how organisations are looking to embrace data to their advantage.
Technology has disrupted all industries and functions, including finance, with data being the new lifeblood of business. Industry leaders are all heavily driven by data insights. Especially in highly competitive markets, organisations that neglect to read data signals could disappear altogether.
Finance professionals have a crucial role to play. They oversee much of the information that can drive data analytics. This report examines data analytics through the lens of finance functions. It shows why investments in data analytics are key to future business success.
Companies across Hong Kong are eyeing the potential of enhanced data analytics capabilities, with 46 percent of finance functions across several industries looking to invest in such systems in the next three years.
At present, most finance functions in Hong Kong still prepare management reports manually. This approach has limitations: as markets evolve, predictive abilities become more important to identify and understand new trends and risks.
This report details the intersection of data analytics and automation, exploring how organisations can plan and adopt these technologies to achieve their business goals.
Just 6% of finance functions have invested in advanced data analytics but 46% say they will invest in the next three years.
51% of respondents are still relying on traditional spreadsheet technologies to analyse data. At least 32% of respondents still request ad hoc reports without using self-servicing dashboards.
80% of survey respondents trust their financial data for decision-making, but from this group, more than 71% say they conduct sample checks.
Only 19% of organisations have allocated dedicated annual budget for predictive and prescriptive data analytics initiatives.
At least 44% of survey respondents say they need support to help enhance their awareness of data analytics and cultural change within the organisation