While Big Data is a concept that is instinctively linked to IT, independent research commissioned by specialized recruitment company Robert Half demonstrates non-IT departments also stand to gain from Big Data insights yet such divisions haven’t been utilizing it. This insight highlights the potential of Big Data and data analytics for Singaporean businesses.
On the other side of the scale, when asked about the biggest challenges of using Big Data, 52% of CIOs say the primary challenge is the cost of data capture, followed by 37% who refer to data protection/security and 36% who say a lack of financial resources to fully implement Big Data processes is one of the biggest challenges.
Another challenge to consider is the lack of personnel resources (33%) and skills shortage (32%), indicating Singaporean companies do not have the required expertise to operate Big Data processes.
Adding to these challenges, 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.
“The commercial world is still learning how to collect and harness the full potential of Big Data, yet already Big Data is revolutionizing the way we do business and how we connect with customers,” says Matthieu Imbert-Bouchard, Managing Director, Robert Half Singapore.
“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.”
While Big Data serves several purposes, 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.
“Setting up new systems to harvest Big Data can incur significant financial investment. However, once implemented and fully applied, the advantages can be significant in terms of cost efficiency and reduction.
“In order to fully leverage the advantages of Big Data, companies are increasingly relying on technology professionals who are not only highly skilled in data analytics, but who also have the business acumen and communication skills to convey to senior management and business leaders the best ways to use Big Data and the insights gained from using it.
“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,” Matthieu Imbert-Bouchard concluded.