Big data has become everyone's business in Singapore for the real value it has begun to create, according to a global survey by Avanade.
Eighty-four percent of respondents, both globally and in Singapore, agreed big data helps them make better business decisions.
The global survey of more than 550 business executives and IT leaders indicates that the investments companies are making to manage big data are paying off.
Avanade is a business technology solutions and managed services provider. The company notes that 76 percent of respondents in Singapore have already used data to increase revenue by growing existing revenue streams (53 percent) or creating entirely new sources of revenue (47 percent).
"Today, the technologies used to leverage big data for business purposes have reached a tipping point - widespread companies and employees are able to find financial and competitive benefits from their data," said Craig Dower, Avanade Asia Pacific president.
Big data has become pervasive
Avanade's "Is Big Data Producing Big Returns?" survey also shows that big data has become pervasive with more types of employees having more access to more technology options to manage and analyse data.
Sixty percent of respondents in Singapore said more technology options became available to analyse and manage data in just the last 12 months.
Eighty-eight percent of respondents in Singapore said their companies need to develop new skills to turn data into business insights, compared to 63 percent globally.
Ninety-two percent of Singaporeans feel that their data management systems are prepared to cope with an influx of mobile and social data in the next 12 months.
"The challenges of big data remain, but the opportunities are even greater. Business leaders are really moving from defence to offence in their data management strategies," said Dower. "Forward-looking companies are empowering more people across the enterprise with the tools and skills needed to make better business decisions and ultimately, harness the power that big data promises."
Sign up for MIS Asia eNewsletters.