Tag: marketing report

Sydney, Australia – Sisense, the leading AI-driven platform for infusing analytics everywhere, today announced its Future of Data Analytics Report 2022 – Asia Pacific Edition, which highlights data professionals in the APAC region seeing data and analytics as valuable to digital transformation and future-proofing their business, yet finding their organisations’ strategic capabilities are far from reaching their true potential.

Key findings from the report at a glance:

The Promise of Analytics

● Data ‘gold’ for boosting product pricing and customer loyalty: Data professionals were asked about the value of analytics and almost half (45%) agree offering personalised, customised data and analytics to customers could allow them to increase the average selling price of their products or services. Meanwhile, 43% of respondents agree that data and analytics would help build loyalty and retain customers.

● Data and analytics critical for business transformation: Almost a third (31%) see data and analytics having a critical role in transformation efforts in their organisation.

● Deeper value of data still untapped: Data derived from business systems is regarded as the most valuable, yet when it came to rating their organisation’s ability to maximise the value of its data, respondents gave, on average, only a 6 out of 10 rating.

Challenges and Obstacles

  • Data transmission, analysis, and risk management remain top concerns: Almost two-thirds (61%) of respondents say they are concerned about data transmission, followed by effective analysis of data (58%) and inadequate systems in place to manage risk (58%).

  • Budget and executive buy-in top barriers to data delivery: Budget limitations (46%) and securing executive buy-in (28%) are the top two barriers to improving data delivery to customers.

  • Data best practice needs less talk, more action: 50% of respondents see data best practice as important or somewhat important to future-proofing business performance. However, 15% are fearful of change, risk averse, and say change is too risky and would prefer to keep the status quo.

Opportunities and Next Steps

  • Skills, training, and data literacy remain top priorities: To improve organisational data strategies, 40% of respondents agree it’s important for employees to become data literate and adopt business intelligence tools as part of their daily workflows.

  • Businesses want better AI and predictive tools: Around two-thirds (60%) of businesses want better AI and predictive tools, more accurate data, and real-time analytics.

Rohan Persaud, director of channels and alliances for APAC at Sisense, says organisations across the APAC region have far too much at stake to not be truly data-driven, and it’s imperative they proactively improve existing AI and predictive tools to reap the benefits of more accurate, real-time analytics.

“Given the immense challenges caused by rapid market shifts, economic fluctuations, and advancements in technology; data professionals must transition to analytics solutions designed and available for everyone, including their customers,” he says.

“If leveraged properly, data has the ability to unlock immense value and new opportunities that weren’t previously apparent. Yet this report shows while organisations have more data than ever before, they don’t have a clear understanding of how to turn it into actionable insights. In fact, many companies are just sitting on these goldmines, fearing to make a change,” added Persaud.

“They’re missing out on a massive opportunity to use their data to help reduce churn, drive adoption, and boost their bottom line. It’s clear that data and analytics are more than a ‘nice to have’ – they’re a ‘must have’ and should be at the heart of all business decision-making,” he concluded.

The Sisense Future of Data Analytics Report 2022 – Asia Pacific Edition surveyed 1,047 data professionals in March 2022. Respondents were drawn from a diverse range of industries across a wide geographic cross-section of the APAC region.

Study Methodology

Findings are based on an online survey conducted by Sisense among 1,047 data professionals across the APAC region (Australia 52%, New Zealand 11%, Hong Kong 11%, Singapore 7%, China 7%, Japan 4%, Indonesia 4%, India 2%, other 2%). All respondents (referred to as “APAC data professionals”, “data professionals” and “respondents” throughout the report) work at a company with at least 20 employees, have the title of middle manager or higher in either an information technology, marketing/advertising, sales, regulatory affairs, research and development, or production department and have at least some influence in decisions made for embedding analytics solutions into the delivery of their product or service.

The survey was conducted in March 2022.

Access the report here.

London – The ongoing global pandemic has created varied consumer impacts and reactions within the consumer base within the Chinese and Japanese markets, recent statistics from consulting firm Ernst & Young show.

In their latest “EY Future Consumer Index,” the report showed contrasting behaviors on pandemic impact on consumer behavior and everyday life. Chinese consumers showed more optimism that the pandemic fear will fade off, as 46% of the respondents say the fear will only last about one to six months. On the other hand, Japanese consumers were less optimistic, with 66% of the respondents saying that the fear will last for about a year or more.

With a significant increase in consumers shifting to online shopping, Chinese consumers are very likely to show interest in online shopping, with appliances and technology-related items being the top shopping choice.

On the other hand, Japanese consumers’ behavior tends to lean more to a “normalization” perspective, which accounted for the top consumer trend in the country.

Andrew Cosgrove, EY global consumer knowledge leader, notes that such mixed consumer behavior means that the future of shopping means transitioning to online channels.

“This points to the risk of showrooming, with consumers going to stores to touch and feel the product for the experience but then making purchases online where products might be cheaper. Retailers and consumer product companies will need to ensure they have both seamless omnichannel experience and the stock and price point needed to make the sale,” Cosgrove stated.