The Volts ended their season on a low note yesterday with a 95-run loss to Canterbury at the University Oval.
Chasing a target of 266, no player scored a half-century and the side lost three wickets early on.
Walter said the loss summed up the season in some ways.
"Today we just did not have that person who was prepared to face 200 balls like one of their guys was. That has been pretty much the story of our batting the whole season.
"If you get any, you have to convert. And convert is pushing into hundreds, not 60 or 70. I reckon at the end of the day, we could score 260 there. We should have been able to get 260. We just lacked application. There is just no excuse for that."
Otago ended the Plunket Shield with two wins from 10 games. It finished fifth, one point behind Northern Districts and 15 points clear of last-placed Canterbury.
Walter said the side had let itself down in the batting department.
"We have lacked that application in four-day cricket the entire year and again today that was the case.
"We have just been close all season ... To walk away with just two victories is frustrating. From a bowling point of view it has been massively positive."
"When we had the opportunities to win games we just did not step up with the bat. That is the reality. There are not many times in the season we could lay the blame in the ball department. You walk away from the first-class season with just three hundreds, you know you have not had a great first-class season. Last year we had 10. Last year we probably weren't as good with the ball so it has sort of flipped."
Walter said it had been tough as a coach but that was what came with the job.
"No coach will enjoy losing, that is for sure. Losing and winning is only one part of the gig. That is what you get judged on. But if we get caught up focusing too much on that and not understanding on what we did well then all is lost.
"As I said there is some good stuff to be positive about. Some recurring things that happened along the way that we certainly need to delve into if we want to have any chance of improving.
"But from a personal point of view, obviously highly disappointed with the way the season went."
Walter said the side had done a huge amount of preparation to be successful but it just did not happen.
The team would carry out the usual reviews but Walter was keen to get the focus on to next season already.
"A lot of the guys have asked to not have too much time off. To keep ticking over and working on the things that we need to be working on. It is naive to think we can start on the first of September and nail down what we want to in the first game. It is going to require a lot more than that."
He has another year on his contract - he is employed by New Zealand Cricket - and is keen to see out the job.
Rob Nicol did not bat in the second innings after he broke his little finger in the first innings. Warren Barnes, in just his second first-class game grabbed nine wickets, coming in for Jacob Duffy, who had the flu.
