Majority of the 250 business leaders surveyed in the Asia-Pacific region barely grasp the value of their data as 77% believe no one at their organisation understands all the data collected and how to access it, according to a global study from SoftServe.
Further, 65% say key business decisions are based on inaccurate or inconsistent data — most of the time, if not always — raising concerns for companies across industries and borders. Both percentages are higher than the global average of 65% and 58%, respectively.
These are based on a study commissioned by SoftServe and conducted by Wakefield Research between October 24th and November 3rd, 2024, using an email invitation and an online survey.
Respondents include 750 business leaders or technology and data analytics executives who are familiar with or have responsibilities for data management, data management strategy, or AI use at companies with an annual revenue of at least $1 billion. They were based in North America; Europe, the Middle East and Africa; and APAC, including Singapore and Australia.
Softserve said responses indicate a lack of knowledge in data management is coupled with an internal disconnect and noticeable divide between the C-suite, VPs, and senior management, putting entire organisations at odds when it comes to how data is used, acquired, and funded.
Findings show that many think it’s time to hit “refresh” on their data strategy as 78% report major updates or a complete overhaul is needed, and nearly all (99%) believe an updated data strategy would be required for strategic initiatives like generative AI.
Also, less visibility among APAC leaders can lead to skewed perceptions of data usage and comprehension, with 69% of C-suite and 66% of VPs and directors claiming their organisation’s investment priorities are negatively impacted by leaders not fully understanding how data can generate value.
Factors like varied tech solutions used throughout their organisation (58%) and non-consolidated data ownership (44%) are the top challenges C-suite leaders face while trying to improve their data strategy.
Further, for 66% of APAC respondents, decision-makers getting access to data when they need it is a challenge — and one that may not be an easy fix. More than half (52%) of the 65% whose organisation makes most or all decisions using inaccurate or inconsistent data now believe a significant increase in data management investment is needed to meet their goals.
In addition, 80% of APAC business leaders believe poor prioritisation has diverted needed funds and talent away from valuable data projects to broad generative AI initiatives with weaker ROI.
All deficits aside, the survey results include a silver lining — strong data management has allowed organisations to open new revenue streams (43%) or monetise their data (35%) with the right infrastructure and governance to transform information into a vital source of income.
Organisations also attributed increases in productivity and efficiency (55%), as well as improved decision-making and forecasting abilities (43%), to having strong data foundations.
Most respondents hope to follow suit this year as the bulk (92%) prepare to slightly or significantly increase their data budget and over half (51%) of those with a fully mature data strategy expect to significantly increase their overall data investments.
“Digitally transformative, data-driven technologies like AI are developing rapidly in the APAC region, and what this means is that an updated data strategy will be key,” said Wells Vaughan, APAC CTO at SoftServe.
“Business leaders need to make sure they are not pursuing technology innovation at the expense of a mature, agile data foundation, which will help them maximise ROI for emerging technology projects and provide them with a competitive edge,” said Vaughan.
