4 of 5 Singapore Leaders Struggle to Drive Business Priorities with Data
- By Paul Mah
- November 08, 2023
Salesforce this week released its latest State of Data and Analytics report, which found that data management is an even higher priority than before due to advances in AI.
The report polled a total of 10,000 analytics, IT, and business leaders across 18 countries, including 600 from Singapore. Interestingly, the report found that four out of five (81%) of Singapore’s analytics and IT leaders struggle to drive business priorities with data.
State of data, analytics
Advances in AI are fast-moving, and companies are eager to profit from new iterations of technology such as generative AI.
84% of business leaders in Singapore are worried about their company missing out on its benefits, with the same percentage of analytics and IT leaders in Singapore saying advances in AI make data management a high priority.
However, only 38% of business leaders are completely confident in their data accuracy. This puts pressure on data management teams to power algorithms with high-quality data.
In the meantime, security threats and overwhelming data volume are hindering the potential of data. However, unlocking the potential of data is not a straightforward process.
For one, analytics and IT leaders in Singapore cite security threats as their number one data challenge, while business leaders in Singapore cite overwhelming data volumes as the biggest hurdle. This won’t get easier, however, as the amount of data that companies generate globally is expected to increase by 22% over the next 12 months.
Finally, 87% of analytics and IT leaders in Singapore use data governance to ensure and certify baseline data quality. 68% of these leaders are investing more in data training in the next year to strengthen internal data culture.
According to Gavin Barfield, vice president and CEO of Solutions at Salesforce ASEAN, AI is only as good as the data that powers it. This means breaking down data silos and unifying data sources to create a true 360-degree view of a customer to provide a solid and trusted foundation to build effective AI.
“In the new age of AI, data-driven companies will be best placed to capitalize on the technology’s massive potential. A strategic focus on data governance, as well as a strong data culture that empowers employees to work with data on their own terms, will be key attributes that allow companies to reap the benefits of AI,” said Barfield.
Data in the report come from two double-anonymous surveys, with the first survey from 5,540 responses from analytics and IT decision-makers from 18 countries, and the second from 5,540 from line-of-business leaders from the same countries.
Paul Mah is the editor of DSAITrends. A former system administrator, programmer, and IT lecturer, he enjoys writing both code and prose. You can reach him at [email protected].
Image credit: iStockphoto/hxdyl
Paul Mah
Paul Mah is the editor of DSAITrends, where he report on the latest developments in data science and AI. A former system administrator, programmer, and IT lecturer, he enjoys writing both code and prose.