Poll: Many Talking About Data Analytics Plans, But Few Actually Implementing

Chris Gaetano
Published Date:
Feb 6, 2019
clement-h-544786-unsplash (1)

Data analytics seems to be on the mind of virtually every single industry, including accounting, which means lots of organizations have talked about plans to incorporate it into their businesses, but a recent poll has found that few have actually done anything about it, according to Accounting Today. The poll of 170 organizations from the Institute of Management Accountants found that just 8.5 percent of those that expressed a desire to embrace the practice have actually done so, with 57.5 percent still in progress, and 23.4 percent having only just started. Despite delays, though, companies remain enthusiastic about the idea: 65.7 percent said that it is key to gaining competitive advantage, and 17.2 percent said it helps maintain market position. Another 13.6 percent are still evaluating costs and benefits, and 3.5 percent are "comfortable with the way things are currently done." 

A recent speaker at the FAE's Annual Nonprofit Conference talked about some of the  challenges, and rewards, she experienced when converting her organization into one driven by data. In her talk, Amy West, CEO of AHRC New York City, said that a data-driven approach "allows an organization to adapt with agility." She noted that making this shift requires not only technological upgrades but a cultural shift that leadership might be reluctant to enact. She also observed that one of the pitfalls is focusing just on collecting data rather than determining whether it's even meaningful in the first place. 

Click here to see more of the latest news from the NYSSCPA.