Survey find Singapore firms at cutting edge of data
Singapore-based organisations are the most data-ready in the Asia-Pacific region, according to a new survey of the area.
The survey was carried out by market intelligence firm IDC and analytics platform Tableau Software and was published in an IDC report titled “Data Readiness: Business Impact for the Digital Era”.
According to the survey, the insurance and financial services sectors had the most organisations in the top band of data-readiness.
It said: “Organisations with higher data-readiness produce 90 percent better business performance than those with lower scores.”
Tableau developed a data readiness index (DRI), and the survey was carried out in the second quarter of 2019, reaching executives of 707 organisations in seven locations: Australia, China, Hong Kong, India, Japan, Singapore, and South Korea.
The survey involved benchmarking the DRI and probing its relation to various business outcomes.
Looking at the results in more detail, the organisations were surveyed across five dimensions to determine their state of data-readiness and sorted into three bands: leading, developing, and lagging.
According to the researchers, data-readiness refers to an organisation’s capability to make data central to its business through widespread adoption of analytics.
A majority (66 percent) of organisations were in the developing band; of the remaining organisations 20 percent were in the leading band and 14 percent in the lagging band.
According to the survey, Singapore was deemed one of the most data-ready markets in the region due to having the highest number of organisations in the leading band 52 percent.
