Singapore – Lack of quality data hinders 76% of Singapore businesses from using artificial intelligence (AI) effectively, according to a report from customer platform HubSpot. The report unveiled various challenges being faced by businesses in elevating customer satisfaction and generating revenues.
While technology solves most problems faced by businesses, the lack of data has influenced AI use. According to the report, this may be behind 34% of Singapore businesses’ resistance to talk about the integration of generative AI in their operations.
Less than half (43%) of Singapore businesses who participated in the survey reported having data and systems that effectively provides extensive customer information. While the insufficiency delays customer interaction management, it also impacts customer experience.
Businesses are also facing high costs, as cited by 44% of survey participants. Some raised the burden of intense competition (39%), rising costs of reaching prospects and customers (35%), and channel saturation (34%).
“Needing to switch between more than 50 applications to manage customer interactions is not only detrimental to efficiency, but could also lead to inaccuracies as businesses try to align insights across disparate data sources. Having a single source of truth for customer data is essential to build and maintain meaningful customer relationships. Technology can give businesses a helping hand, however our findings show that data connectedness and a unified tech stack are presenting significant opportunities for local businesses looking to improve prospecting and customer retention,” Dan Bognar, vice president and managing director of JAPAC at HubSpot, said.
“Operating in the world’s most competitive economy is no easy feat, requiring a delicate balance between manginging increasing costs, while delivering an impactful customer experience. At HubSpot, we are committed towards equipping businesses with applications that are easy to use, fast to implement, and delivered on a unified platform. This helps to align marketing, sales, and service teams with a unified view of their customer,” Bognar added.
