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Why Singapore businesses need to start embracing data for intelligent insights

The machines have taken over almost all array of business applications and operations whilst generating copious quantities of data. Today, data is everywhere – in industries, in business, and in our daily lives, and this volume of data is expected to grow exponentially in the coming years.

On the back of that, we are seeing OCBC co-creating a data certification pathway with Ngee Ann Polytechnic to groom the next generation of data scientists and analysts. As per Second Minister for Home Affairs Josephine Teo at Interpol World 2019, the Singapore Police Force will also be looking into data analytics to achieve predictive policing.

We are in the age of Analytics, with almost 90% of the world’s data generated in the past two years.

Hence, collecting data is not a very big deal, rather how you wring value from that data and how the information is stored, is what really matters!

As a matter of fact, in order to outperform and to connect with the right audience at the right time, becoming a data-driven firm is the new table-stakes for enterprise success. But how to turn your data into insights and stay ahead in the business 4.0 revolution?

Well, the answer lies in implementing business intelligence and advanced analytics in the business process. The data analytics industry is central to Singapore’s economy, with studies indicating that it contributes at least $1b (US$730m) each year.

Discover the art in numbers through Big Data Analytics
Gartner research suggests that almost eight out of ten business owners are anticipated to make their business decisions based on analytics within the next year enabling them to stay ahead in the competition.

Profitable growth is dependent on becoming an intelligent enterprise by investing in an intuitive technology. Data scientists, CTOs, and Analytics Leaders must gear up for action to lead their company and support their organization users with insights-driven advantage and on leveraging human-AI collaboration.

Get smarter with smart data engineering platform
With millions of new devices capturing varied types of data, it is impossible for employees to manually comprehend valuable decisions through the humungous inflow of data.

Analytics Leaders or CTOs must investigate moving beyond spreadsheets and reporting to a more automated approach for how analysis is done and the varied ways in which it can be used. They must adopt a more sophisticated analysis platform to solve complex business problems. 

According to Gartner, “By 2023, AI and IoT driven analytics and deep learning techniques will be the most common approach for new applications of data science.”

This will help enterprises to stay agile, perform, and deliver within a limited span of time whilst streamlining operations and digitally transform product development, sales, marketing, customer service, and other key business functions.

How will a unified data engineering platform transform your enterprise? 
Many analytical platforms offer integrated augmented analytical techniques empowering companies with a strategic data-based solution to transform from reactive to proactive workflows.

These platforms help in collaborate, correlate, and detect trends whilst suggesting ways to interpret the results in the best visual format to understand them. Gartner believes that by 2021, 75% of the reports will be replaced with automated insights using self-service data analytics platforms.

The AI-driven techniques will help enterprises focus more on the user’s issues that require their attention.

If an enterprise is looking at ways to minimize the customer churn, personal analytics assistance could help them operationalize data lakes into profit centres as well as analyse the latest sales result to provide relevant recommendations. Enterprises can rope in the power of data lakes to get a more connected view of data and use that for intelligent actions.

Your data scientists can have a new way of looking into past behaviour or current market trends in real-time and generate recommendations with predictive analytics for better business outcomes.

In one byte…
With the big data revolution and acceleration in the potential data use cases, an industrialized approach to data and analytics is rapidly becoming a must-have capability.

According to the recent Accenture report, 79% of the employees agree that companies who do not embrace Big Data will lose their competitive edge and could face extinction. Pilot first, transform second by supporting your company with next-gen technologies, and generate value along the way to be the real winners! 

McKinsey Analytics finds that cross-functional analytics and big data platform are making the most valuable contributions enabling entirely new ecosystems for the businesses and revolutionizing many of the fundamental business processes. Whilst creating new avenues of innovation and disruption, the Big Data analytics and applications is projected to grow from US$5.3b in 2018 to US$19.4b in 2026.

Are you ready for the era of ‘Big Data’? Get your company pumped for the AI, IoT Analytics driven culture and do wonders for your business!
 

The views expressed in this column are the author’s own and do not necessarily reflect this publication’s view, and this article is not edited by Singapore Business Review. The author was not remunerated for this article.

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