Data is increasingly being used by businesses to improve operations, but it is also presenting a number of challenges that some are finding difficult to overcome. Research from KPMG Capital shows 85 per cent of executives are facing difficulties in analysing existing data, while 75 per cent find it hard to make decisions surrounding data and analytics. The group's chief executive officer Mark Toon said the world is becoming increasingly data-driven and this information has the potential to change the way business operations are managed globally. "From social media-based analytics to predictive modelling, the available solutions are endless," he noted. "And so are the applications - from risk management and cost optimisation to identifying new revenue streams." Mr Toon emphasised that every part of an organisation is becoming involved in data analytics, including chief information officers, financial officers and even those working in marketing departments. As a result, experts in small business accounting may find they need to develop their skills in order to meet challenges of the future. Of the executives polled, 54 per cent said the most prominent barrier to implementing a successful data and analytics strategy was the ability to know what data to collect. Furthermore, 42 per cent of executives said integrating data technology into existing systems or business models was the greatest hurdle they faced. The need to embrace data analytics is growing, however, as 69 per cent said they believe it to be an important part of their current growth plans, while 80 per cent think it will speed up their operations. KPMG identified that a greater level of support may be needed in order for companies to fulfil their data ambitions both now and in years to come as technologies become increasingly advanced.