Dell Technologies released the Singapore results of a global commissioned study* conducted by Forrester Consulting, which revealed that most Singapore businesses are struggling with data proliferation. Instead of providing a competitive advantage, data has become a burden to businesses in Singapore due to a variety of barriers, including: a constant need for more data than their current capabilities provide (74% ), outdated IT infrastructure (55% ), insufficient in-house data science skills (71% ), internal team resistance to change (71% ), and cyber-attacks and data breaches (71% ). (46%).
“This “Data Paradox” is driven by the volume, velocity and variety of data overwhelming businesses, technology, people and processes,” said Andy Sim, vice president and managing director, Singapore, Dell Technologies. “The pandemic has already created a sense of urgency and the Singapore findings indicate that there is an acute awareness of the need for better data leadership. Singapore businesses believe their organisations have improved by turning data into actionable insights. For example, Singapore reports higher gains over both global and APJ in a deeper understanding of existing customers and target audiences (53%) and how to improve employee experience (56%).”
The findings are based on a survey of more than 4,000 decision-makers from 45 countries. The latest survey builds on the Dell Technologies Digital Transformation Index research, which assesses the digital maturity of businesses around the globe. According to decision-makers from Singapore, the Digital Transformation Index revealed that data overload and an inability to extract insights was the third highest ranked barrier to transformation.
1. The “Want More Than They Can Handle” Paradox
According to the research, 72% of businesses in Singapore say they are gathering data faster than they can analyse and use, yet 74% say they constantly need more data than their current capabilities provide.
In fact, 89% of Singapore businesses are experiencing barriers to capturing, analysing and acting on data – 8% higher than that of businesses in APJ. While IT spend continues to grow rapidly by 116% over last three years, 49% of Singapore businesses still have not come close to realising their digital transformation goals.
2. Data Readiness in Singapore
Singapore, however, is already leading the way in terms of data stewardship and readiness in the APJ region. According to the study, 55% of Singapore respondents have appointed a chief data officer to the Board, which is 23% higher than the APJ average. Furthermore, 38% of Singaporeans form cross-functional teams and strengthen quality assurance processes to ensure data transparency. Regarding data management, 62% of Singapore businesses use multiple public clouds (but no private clouds), which is higher than the global and APJ averages of 46% and 44%, respectively.
The research outlines an objective measurement of data readiness among Singapore businesses. In Singapore, 17% of businesses were defined as Data Champions: actively engaged companies in both areas (technology/process and culture/skills). This is 5% higher than the global and APJ averages. Meanwhile, 30% of local businesses are defined as Data Enthusiasts – 11% higher than APJ.
3. Hope on the Horizon
Although Singapore businesses are struggling today, many have plans to create a better tomorrow: 77% intend to deploy machine learning to automate how they detect anomaly data and 60% are planning to improve the data lakes that they have.
“These plans point to top organisational goals for deploying a data as-a-service management strategy,” said Sim. “53% of Singapore businesses believe that with an aaS model, businesses would no longer be held back by outdated IT infrastructure.”
With aaS, 69% of local businesses plan to monetise their data to find success. As a result, 74% believe it would enable companies to be more agile. In addition, 44% are also doing data modelling to predict changing customer demands during the pandemic.
Three ways businesses can turn their data burden into a data advantage:
1. Modernising their IT infrastructure, so it meets data where it lives, at the edge. This incorporates bringing businesses’ infrastructure and applications closer to where data needs to be captured, analysed and acted on–while avoiding data sprawl, by maintaining a consistent multi-cloud operating model.
2. Optimising data pipelines, so data can flow freely and securely while being augmented by AI/ML.
3. Developing software to deliver the personalised, integrated experiences customers crave.