Ninety-four percent of executives from companies in Singapore that are applying big data to their businesses said they are satisfied with the results.
This is according to a global study by Accenture.
"Businesses are at a transition point where instead of just talking about the potential results that can be achieved from big data, they are realising actual benefits including increasing revenues, a growing base of loyal customers, and more efficient operations," said Trent Mayberry, Accenture Digital - Digital Solution Lead. "They're recognising that big data is one of the cornerstones of digital transformation."
"Today, even the most basic items like water pipes can generate and provide data. While the Industrial Internet of Things is giving rise to massive sources and quantities of data, new big data technologies are emerging that help uncover crucial business insights from the data. Companies not implementing big data solutions are missing an opportunity to turn their data into an asset that drives business and a competitive advantage," added Mayberry.
Singapore is big on Big data
Eighty-eight percent of Singaporean respondents rated big data as "very important" or "extremely important" to their businesses' digital transformation, and 86 percent agreed big data provides a significant source of value for their companies, the global management consulting, technology services and outsourcing company said in a press statement.
According to the research, executives in Singapore said their companies use big data moderately or extensively to: identify new sources of revenue (96 percent), retain and acquire customers (92 percent), and develop new products and services (86 percent).
Executives noted extensive tangible business outcomes from big data in finding new sources of revenue (45 percent), new product and service development (59 percent), winning and keeping customers (34 percent), and enhancing the customer experience (43 percent).
Sixty-nine percent of executives in Singapore expect big data to have the biggest impact on their organisation over the next five years in the area of "product development", followed by "operations" (61 percent) and "making the business more data-focused" (59 percent). Global findings (63 percent) cite "customer relationships" as the area which executives felt would benefit the most from big data; only 31 percent of those in Singapore shared the same sentiment.
Challenges When Implementing Big Data
Executives around the world reported running into the following challenges when implementing big data in their organisations: security (the greatest challenge cited by 51 percent); budget (47 percent); lack of talent to implement big data (41 percent) as well as to run big data and analytics on an ongoing basis (37 percent); and integration with existing systems (35 percent). In Singapore, the biggest challenge executives face is budget (61 percent), followed by security (51 percent) and lack of talent to implement big data (45 percent).
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