McKinsey & Company hosted a panel discussion on the value of data analytics and potential challenges in the field from the viewpoints of eight executives in the finance, healthcare, communications and retail industries.
The leaders recommended companies concentrate on providing a blend of customer-facing, internal or hybrid applications and noted areas where analytics can make a difference depending on the enterprise and the industry they are used in, McKinsey said Monday.
Panelists also agreed that companies should work to build consumer information control and trust to address issues surrounding privacy.
Brad Brown, David Court and Tim McGuire write that the panelists also touched on talent acquisition and the search for alternative sources such as information technology companies based overseas.
Those potential employees could replace shortages of individuals from universities and business schools and help requirements needed to manage and retain such individuals, the panelists said..
Other topics covered in the McKinsey report included factors to spur frontline adoption and the relevance of establishing centers of excellence.