Report reveals data ‘gold’ for boosting product pricing and customer loyalty
A new report from Sisense reveals data is gold for boosting product pricing and customer loyalty, but the deeper value of data remains untapped across the APAC region
The Future of Data Analytics Report 2022 - Asia Pacific Edition, highlights data professionals in the APAC region see data and analytics as valuable to digital transformation and future-proofing their business, yet find 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 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.
“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.”
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.
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.
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