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Tuesday, May 23rd, 2017

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Non-IT execs not getting returns on Big Data in Singapore survey found

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According to research commissioned by recruitment company Robert Half, , data-driven/strategic decision-making (51%), new and enhanced business models (48%) and cost reduction (45%) are cited as the top three advantages by Singaporean CIOs.

While more than four in ten (44%) Singaporean CIOs say Big Data and data analytics have more of a direct impact on IT, almost one in five (19%) believe it has more influence on their operations department. Another 19% say it has a more marked effect on their sales and marketing function, while little over one in 10 (12%) refer to the finance and accounting department. This implies the benefits of Big Data extend far beyond the confines of IT, and every department in a business can benefit.

However, the survey also found that almost half (46%) of CIOs think their non-IT senior management teams do not have enough knowledge about Big Data and the utilization of data effectively within their organization, thereby suggesting Singaporean businesses are still on their way to fully utilizing Big Data processes.

Matthieu Imbert-Bouchard, Managing Director, Robert Half Singapore said: “Despite the challenges, leveraging Big Data goes beyond benefiting just the IT department. Singaporean businesses need to take an enterprise-wide approach, training and upskilling employees across different departments to recognize exactly what Big Data has to offer. Whether there is a need for additional professional development for existing IT staff, or hiring qualified IT professionals skilled in Big Data analytics, the long-term benefits of using this new technology will soon outweigh any immediate challenges.”

When it came to the biggest challenges of using Big Data, 52% of CIOs said the primary challenge is the cost of data capture. 37% of CIOs who referred to data protection/security and 36% who said a lack of financial resources to fully implement Big Data processes was one of the biggest challenges.

Another challenge to consider was the lack of personnel resources (33%) and skills shortage (32%), indicating Singaporean companies do not have the required expertise to operate Big Data processes.

While more than four in ten (44%) Singaporean CIOs said Big Data and data analytics had more of a direct impact on IT, almost one in five (19%) believe it had more influence on their operations department. Another 19% said it had a more marked effect on their sales and marketing function, while little over one in 10 (12%) refer to the finance and accounting department. This implied the benefits of Big Data extend far beyond the confines of IT, and every department in a business can benefit.

“Companies that don’t invest in Big Data need to be mindful that their competitors are probably already enjoying a competitive advantage as a result of utilizing Big Data information,” Imbert-Bouchard concluded.