The biggest challenges facing organisations are regulatory compliance, data analytics and Cloud transformation. This is according to a survey by US-based management consultant firm Point B. The survey found that customer experience and employee engagement were also key issues, defined in the survey as “top emerging initiatives of absolute importance to their organisations”.

According to Point B's Chuck Ritter, companies are wasting an average of $97 million for every $1 billion invested due to poor project performance. The implication is that they could do much better in managing these key areas. The company outlines the following advice for improving the main business priority areas:

Data & analytics

Most companies have more data than they are able to analyse. Point B claims that “the real difference between high performers and those drowning in a sea of useless metrics” is the ability to efficiently capture relevant data and then use that to directly link to and impact business decisions and business strategy.

Regulatory compliance

Point B states: “From Brussels to Boston to Bangkok, the regulatory landscape in most industries changes daily. Demands are high and steadily increasing, creating risk and complexity at every juncture where even “local” companies face fallout from global regulators. Organizations must reach a state that is not only compliant, but also thrives by leveraging extensive regulatory expertise, coupled with governance design skills.”

Cloud transformation

Point B states: “The majority of Cloud projects stall or fail to meet promised results. Moves to the Cloud at the app-level, or even the system level, are likely to transfer existing headaches to a new location – and not deliver the desired transformation. While the promises of the Cloud are impressive, making the move to the Cloud a business decision – not just a technology one – is key to harnessing the Cloud’s true power. Built right, a Cloud strategy can improve collaboration and access to information, reduce costs, and modernise operations.”