As companies in Singapore continue to look to IT innovation to compete locally and on the global stage, 69% agree that their business sees technology investment as a strategic way of achieving its goals, according to a survey released by EMC Corporation.
The top three drivers for the transformation of IT systems and infrastructure in Singapore organizations are: business process/operational efficiencies (54%), improved governance and compliance (28%) and enhancing customer experience/engagement/communications (24%).
A majority (82%) of respondents report that they have the correct level of skills and knowledge in place to complete their business priorities successfully.
The study also revealed that 61% of respondents in Singapore report that ensuring skills keep pace with the rate of IT innovation will be a challenge for their organizations over the next three years, while 70% of respondents agree that IT is now equipped to handle the most essential business priorities – and that now, the biggest barrier is cultural.
“Singaporean businesses are increasingly seeing transformative benefits of using analytics toenable better resource management, gain competitive and market insights and enable truly transformational business decisions,” says Eric Goh, Managing Director, Singapore. “While there is consensus in the business community that data would enable better decision making, culture seems to be the biggest issue that businesses will need to overcome as Singapore continues its journey as a progressive economy.”
Big Data leads to better decision making
The survey also revealed that in Singapore, Big Data is giving rise to markedly improved decision making and is having a significant impact on companies’ competitive differentiation and ability to avert risk.
A majority or 80% of Singaporean businesses reported that better uses of Big Data will lead to better decision making.
Of the 130 respondents, 63% of respondents believe that Big Data will be a key factor in determining winners and losers in their industry, while 37% have already achieved a competitive advantage as a result of Big Data analytics technology.
The study also found that 63% believe that those industries that succeed will be the same ones using Big Data tools. Sixty-four percent of respondents also agree that Big Data technology will prove vital in identifying and protecting against cyber attacks.
Majority (83%) agree that data center automation will be crucial to innovation and agility over the next three years.
However, in Singapore, 22% of companies surveyed have no current plans for implementing Big Data technology.
While budget considerations was the most important factor for overall business decision making (44%), the most common reason cited as an inhibitor to Big Data adoption is that the business culture is unready for Big Data (61%).