Eighty-two percent of data-driven companies in the region have reported reaping critical business advantages during the pandemic. The survey revealed that being data-driven delivers multiple and vast benefits to businesses, including being able to make strategic business decisions faster (54%); more effective communication with stakeholders (54%); increased cross-team collaboration (51%) and making their business more agile (46%). Being data-driven is also fuelling optimism in uncertain times as more data-driven companies (63%) are optimistic about the future health of their business in the next six months than non data-driven companies (37%).
In contrast, non data-driven companies are slower to grasp the importance of data as they navigate through the pandemic, with only 39% of them seeing it as a critical advantage. This demonstrates that there remains a disconnect in how businesses value and use data, and the potential for organisations to benefit from a more data-driven approach.
'An extremely uncertain environment this year proved the role of data and we are now entering the era of analytics ubiquity. Even though the benefits are clear, we still see a 'data divide,' where organisations in APJ differ in their ability to leverage data as a strategic asset,' said JY Pook, Senior Vice President,
Data-driven companies will continue to place importance on investment in data skills - 82% of data-driven organisations are eager to increase or continue their existing level of investment over the next six months. However, 32% of non-data driven organisations opted to either reduce or not invest in data skills at all.
Commenting on the gap in data skills investment, Associate Professor
Across all survey respondents, the top lessons learnt from the pandemic include the need for better data quality (46%), data transparency (43%), followed by the need for agility (41%).
'At Zuellig Pharma, having a data culture means that our team collectively values, practices and encourages the use of data in the making of all key operational and strategic decisions. We have a critical mass of people who understand the importance of embedding data practices and assets into business processes. Our warehouse operators are mandated to jointly review real-time operational KPIs and dashboard driven statistics on how different warehouse processes are either negatively or positively impacting these KPIs,' said
Speaking to how Luxasia, a leading omnichannel partner for luxury beauty and lifestyle brands in
Across APJ, only 62% of business leaders classify themselves as being data-driven, while close to one third (34%) believe their businesses are not.
The results point to an opportunity for more businesses to harness data to support business resilience and decision-making, now and in the post-pandemic world.
For more information and findings, please visit https://www.tableau.com/all-hands-on-data/data-driven-resilience-apj.
(C) 2020 Electronic News Publishing, source