Data-driven organizations need to make the most out of everything
As organizations move towards becoming more data-driven in all their business decisions and planning, making the most of their data is crucial for them. In fact, data professionals in the APAC region see data and analytics as valuable to digital transformation and future-proofing their business.
However, a report from Sisense revealed that most data professionals also feel that their organization’s strategic capabilities are far from reaching their true potential. The Future of Data Analytics Report 2022 – Asia Pacific Edition, showed that the deeper value of data was still untapped.
Most of the respondents felt that while data derived from business systems is regarded as the most valuable when it comes to rating their organization’s ability to maximize the value of its data, respondents gave, on average, only a 6 out of 10 ratings.
These businesses are aware of the value of analytics, especially when it comes to understanding their customers and pricing their products and services as well as building loyalty and retaining customers.
So why are businesses not realizing the full potential of their data? The report showed that data transmission (57%), an effective data analysis (58%), and an inadequate risk management system (58%) remain top challenges.
At the same time, budget limitations (46%) and securing executive buy-in (28%) remain obstacles when it came to improving data delivery to customers. Also, while half of the respondents saw data best practices as important or somewhat important to future-proofing business performance, a minority (15%) are fearful of change, risk-averse, and say change is too risky and would prefer to keep the status quo.
For Rohan Persaud, Director of Channels and Alliances APAC at Sisense, organizations across the APAC region have far too much at stake to not be truly data-driven. Hence, it’s imperative they proactively improve existing AI and predictive tools to reap the benefits of more accurate, real-time analytics.
“Given the immense challenges caused by rapid market shifts, economic fluctuations, and advancements in technology; data professionals must transition to analytics solutions designed and available for everyone, including their customers,” commented Persaud.
Another challenge businesses are facing is a lack of skilled employees. While these do not directly contribute to the problem, 40% of respondents agree that it’s important for employees to become data literate and adopt business intelligence tools as part of their daily workflows. This is why around two-thirds of businesses want better AI and predictive tools, more accurate data, and real-time analytics as they become more data-driven.
Persaud pointed out that if leveraged properly, data has the ability to unlock immense value and new opportunities that weren’t previously apparent. Yet this report shows while organizations have more data than ever before, they don’t have a clear understanding of how to turn it into actionable insights. In fact, he believes many companies are just sitting on these goldmines, fearing to make a change.
“They’re missing out on a massive opportunity to use their data to help reduce churn, drive adoption, and boost their bottom line. It’s clear that data and analytics are more than a ‘nice to have’ – they’re a ‘must have’ and should be at the heart of all business decision-making,” added Persaud.