There are very few mature corporations in Singapore in terms of using analytics for growth, according to a joint survey by Deloitte Singapore and ACCA Singapore.
Only 14% are at the level of Analytics Innovators and only 17% have some form of central business analytics centre or Analytics Centre of Excellence (ACE).
Only 11% of the organisations surveyed with two or more different end-user IT systems are synchronising and reconciling their systems across the organisation.
The top most function driven by business analytics is finance. Financial planning and analysis (92%), financial control (51%) and statutory reporting (47%) are the three uses of analytics in the finance department.
About 1/3 of the organisations do not have controls in place to ensure data integrity.
"By identifying not only today's projects, but also those that will follow them over the next few years, companies can gain a multi-year perspective necessary for planning the growth of analytical capabilities, and in turn, the business, over time," said Wilds Ross, lead partner Southeast Asia, Deloitte Analytics.
Enterprises can strongly benefit from their data if they achieve analytical sophistication but this appears to be a difficult goal to achieve as over 50% of the survey respondents said they don't have skills required for business analytics within the organisation.
57% of respondents agreed they have "rudimentary" or "basic" technology infrastructure to support analytics.
79% of the respondents have applied analytics to their business processes, but have done this in order to address issues at tactical and operational levels.
Because all business decisions of Analytics Innovators are powered by business analytics they use it as a business intelligence tool to analyze past events and predict the future.
"The survey identified two types of key talents required to capture value from data - those capable of analysing large volumes of data to derive business insights and those with business and finance background," said Leong Soo Yee, head of ACCA Singapore.
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