Singapore executives overwhelmed by flood of business data

Yet they still seek more and faster data as survey finds data deluge driving IT investments in customer relationship management software and security systems.

Avanade, a business technology services provider, announced on Wednesday the results of its global survey, “The Business Impact of Big Data,” which examines executive attitudes about how enterprises are managing the exponential growth of data.

The survey, conducted by Kelton Research, reveals that big data is creating very real business challenges for executives. In fact, 93 percent of C-level executives, IT decision makers and business unit leaders surveyed in Singapore report they are overwhelmed by the amount of data their company manages. This was the highest result compared to the global average of 56 percent. Many also report they are often delayed in making important decisions as a result of too much information. Fifty-six percent report they have made an inaccurate business decision as a result of bad or outdated data, according to an Avanade report.

“Companies must develop a data culture where executives, employees and strategic partners are active participants in managing a meaningful data lifecycle,” said Kevin Wo, Vice President, Avanade Singapore. “This will enable businesses to turn data from information into actionable business insights.”

Singaporean Respondents Derive Business Value From Data
Sixty percent of respondents in Singapore view available sources of data as a strategic differentiator for their organization. This was a stark contrast to the global results where the majority of respondents – 46 percent – say they struggle to see big data as a driver of real business value. Instead, they view data as a consequence of doing business.

“It’s clear many companies see huge potential benefits if they can learn to leverage big data effectively, but key to this is the ability to manage it,” said Wo. “Tomorrow’s successful companies will take a creative, holistic approach to data management that integrates people, processes and technology to manage the big data phenomenon.”

Data Addiction
Despite the challenges created by the proliferation of data, executives report they desire more data and they want it faster. Sixty-seven percent of executives surveyed believe access to even more sources of data would enable them to do their job better, while 87 percent say they still want faster access to data. According to the survey, this desire for more data and need for speed is driven by the ability to keep up with customer service expectations.

“Our research confirms what we hear from our customers related to managing the data challenge. Executives appear to be grasping for faster access to data to help them cope with information overload. While speed is important, context is absolutely essential in order to understand the full scope of the data to make the right business decisions at the right time,” said Wo.

Executives do recognize there is value in the data, from improved business forecasts to reduced uncertainty in decision-making and improved competitive positioning. Sixty percent of companies believe the flood of data entering the enterprise fundamentally changes the way their businesses operate.

CRM and Security
When it comes to the most important kinds of data, companies report that customer relationship and sales information are critical to their strategic decision-making process. In fact, all executives surveyed in Singapore say they have invested, or are seriously considering investing, in customer relationship management (CRM) in the next 12 months. This is because they recognize the opportunity to grow their top line revenue by investing in CRM systems to harness customer information.

Who’s Creating the Data?
With growing data, there is also a growing requirement for data security. Eighty-seven percent of companies report that they are also investing in security solutions, or will do so, in the next 12 months.

The “Business Impact of Big Data” survey was conducted by Kelton Research, an independent research firm, in August 2010, and surveyed 543 C-level executives, IT decision makers and business unit leaders at top companies located in 17 countries across North America, Europe and Asia Pacific. The countries surveyed in Asia Pacific include Singapore, Australia and Japan.