74 percent of senior executives in the Asia Pacific find Data & Analytics (D&A) to be very important to their business.
The newly released KPMG survey indicates that about three-quarters of all organisations surveyed across the region have been using D&A for more than five years.
However, many of the respondents still equate D&A to management information, and don't take full advantage of the benefits data analytics can offer.
83 percent of respondents from Australia and China respectively ranked their companies as effective at leveraging analytics. 63 percent of The Association of Southeast Asian Nations (ASEAN) respondents ranked themselves as such.
"Rapidly increasing competition has given organisations a strong incentive to assess how to leverage data to drive growth," said Tom Mouhsian, KPMG's head of Customer & Growth Practice for the ASEAN region. "Our research suggests that Asia Pacific businesses are focusing their D&A strategies around three main imperatives: the growth agenda, the mitigation of risks and the reduction of costs."
What motivates D&A strategies?
The D&A strategies in the mature Australian market are driven by customer-facing objectives and compliance requirements.
Singapore has begun to shift the focus of its D&A strategy towards growth-oriented drivers such as customer insight and management.
Indonesia focuses on using data analytics to improve access to information while D&A strategies seem to remain largely led by IT in the Philippines.
KPMG suggests organisations to understand their data consumption needs to extract value from D&A investments. Companies should also create a sound data strategy, implement a robust data governance model and invest in D&A capabilities and training.
"Today, small yet highly-analytical organisations are emerging and quicklystealing away market-share by making better use of their data to drive real and valuable insights. It's not about size - it's about how well you know your customer and what you are able to deliver," added Mouhsian. "The role of D&A is shifting from the traditional inward-directed static performance reporting to outward-directed value-generating insights, benefiting end-customers in daily lives."
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