A survey has revealed that Singapore-based organisations are the most data-ready in the Asia-Pacific region.
The survey, which was conducted by analytics platform Tableau Software and market intelligence firm IDC, also found that data-ready firms outperform laggards by an average of 90%. Furthermore, the financial services and insurance sector had the most organisations in the top band of data readiness.
As part of the study, Tableau developed a data readiness index (DRI), and the results were published in an IDC report titled ‘Data Readiness: Business Impact for the Digital Era’.
More than 700 organisations in the region 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 their business through widespread adoption of analytics. The majority (66%) of organisations were in the developing band, while 20% were in the leading and 14% in the lagging bands.
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%). Singaporean organisations also emerged as leaders in the dimensions of people skills and governance. The findings suggest that businesses in Singapore should leverage technology and adopt an integrated model for data governance to take their data-readiness to the next level, Tableau said.
Meanwhile, finance managers use data tools the most (46%) in their daily work, compared to other business functions.
“Organisations in APAC are at an inflection point of their digital transformation. While many recognise the critical role data plays in this strategy, they are struggling to become truly data-driven,” said JY Pook, senior vice president for Asia-Pacific at Tableau. “In order to remain competitive and realise the business benefits, organisations need to adopt a holistic and tailored approach to drive data readiness in their organisation.”
