Singapore – Despite the critical importance of data in businesses, nearly all of business leaders in Asia Pacific admit to be challenged in using them to their advantage in creating significant business decisions, new data from a survey from data integration company Talend.
According to the global survey, 96% of APAC respondents admit to such practice, while 76% of APAC respondents admit to using it everyday, and 35% of APAC respondents admit to not using data for their business decisions.
Such practice of data usage is best manifested in the behavior of the respondents in dealing with creating data deliverables based on the saturation of data, as 45% of APAC respondents are able to create timely deliverables. For Tabled, there is a stark difference between data-saturated and data-driven. Companies have more access to data than ever before, but there’s very little way to make sense of it. Data management companies have been offering to solve these problems for years — but they’re focused on the mechanics of data like moving it and storing it.
Christal Bemont, CEO at Talend, notes that most business leaders’ relationships are deemed ‘unhealthy’, considering the fact that only 45% of APAC business leaders trust the data they are working with, and 35% of APAC respondents say that they are still making decisions based on gut instincts.
“The reality of data is falling well short of the industry’s vision. Data management, which largely focuses on moving and storing data, doesn’t take into account the overall health of data. Therefore, in trying to manage data, all companies are creating digital landfills of corporate information. This has to change. Our vision of data health is the future because it recognizes the fundamental standards that are critical for corporate survival,” Bemont explains.
In terms of data health, Talend also revealed that 13% of APAC respondents do not think that their company’s investments in data management is worth it, and 40% of APAC respondents report that there are no standards for data quality at their company.
Despite the negative light, 75% of APAC respondents state that they would like to make the majority of their decisions based on data.
Meanwhile, in terms of corporate objective, factors such as decreasing operation cost (40% of APAC respondents), monitoring performance (71% of APAC respondents), customer experience improvement (76% of APAC respondents) and increasing revenue (53% of APAC respondents) are driving forces to push APAC business leaders into utilizing significant data.
To drive such data use among APAC executives, factors such as ensuring data quality (56% of APAC respondents), making data available to the right person (47% of APAC respondents), ample skilled resources (52% of APAC respondents), and meeting security and compliance standards (49% of APAC respondents) must be met to ensure smooth process of data utilization.
Around 97% of APAC respondents agree to a certain extent that there should be cross-industry standard metrics to assess the quality of all enterprise data.
Interestingly, Talend noted that globally, sales and marketing teams are the least data-driven departments, as nearly half of sales and marketing executives (48%) make the majority of their decisions without data. Meanwhile, the finance department follows closely with 44% of finance executives reporting that they make the majority of their decisions without relying on data.