The latest report from Sisense shows that nearly half (45%) of data professionals in APAC believe that providing customers with personalized, tailored data and analytics could allow them to estimate the average selling price of their products or services. To increase.
The Future of Data Analytics Report 2022 – Asia Pacific Edition findings were based on an online survey of 1,047 data professionals in APAC, including Australia, New Zealand, Hong Kong, Singapore, and China.
Other survey results include that 43% of respondents believe data and analytics would help build loyalty and retain customers.
Nearly a third (31%) see data and analytics playing a critical role in transformation efforts in their organization.
Sisense says respondents also find data from business systems to be the most valuable. But when it came to assessing their organization’s ability to maximize the value of its data, respondents only gave it a 6 out of 10 on average.
Challenges and obstacles to getting the most out of data.
The survey found that nearly two-thirds of respondents (61%) are concerned about data transfer. That is followed by effective data analysis (58%) and inadequate systems to manage risk (58%).
There are also barriers to budget and executive buy-in, with 46% of respondents citing budget constraints and 28% concerned about getting top-down buy-in.
Sisense says half of those surveyed think data best practices are important or somewhat important to future-proof business performance.
The survey found that about two-thirds (60%) of companies also want better AI and predictive tools, more accurate data, and real-time analytics.
However, 15% fear change, are risk averse, and prefer to keep the status quo.
Sisense director of channels and alliances in APAC, Rohan Persaud, says organizations in the APAC region have far too much at stake not to be truly data-driven.
“Given the enormous challenges posed by rapid market shifts, economic fluctuations, and technological advancements, data professionals need to move to analytics solutions designed and available to everyone, including their customers,” he says.
“When properly harnessed, data can unlock tremendous value and new opportunities that were not previously apparent. Yet this report shows that while organizations have more data than ever, they lack a clear understanding of how to turn it into actionable insights.”
Persaud says many companies sit in these gold mines for fear of changing anything.
“They are missing a huge opportunity to use their data to reduce churn, drive adoption, and improve their bottom line,” he says.
“Data and analytics are more than a nice to have – they are a must-have and should be at the center of all business decision-making.”
The Sisense Future of Data Analytics Report 2022 – Asia Pacific Edition surveyed 1,047 data professionals in March 2022. Respondents were from various industries across a broad geographic cross-section of the APAC region.
Sisense says all respondents work for a company with at least 20 employees. They hold the title of middle manager or higher in information technology, marketing/advertising, sales, regulatory, research, development, or manufacturing department. They also have at least some influence on decisions made to embed analytics solutions into the delivery of their product or service.