Analytics is driving decision-making among majority of businesses in the Philippines and is on the c-suite agenda, according to a new survey from Accenture.
Over three-fourths (80%) Philippine companies surveyed by the technology services firm expect a clear return on investment from utilizing analytics. So far, 68% of them said they are “satisfied with business outcomes driven by their analytic investments.”
Around 78% of the respondents saw tangible business outcomes with fact-based decision-making in the development of new products and services while 74% said it helped in customer retention and acquisition. Also, 82% said that senior management have been busy establishing formal data collection and sharing protocols across their organizations.
Right person for the right job
Optimism towards analytics is wide spread in Southeast Asia, with 96% of business leaders surveyed saying they are committed to its adoption, surpassing their counterparts in Britain (86%) and the U.S. (85%)
In terms of how they use it, 89% percent utilize analytics for evaluating new market opportunities while 87% on new products and services.
However, nine out of 10 (89%) companies admitted that analytics is not yet deeply ingrained into the fabric of most companies as an integrated, enterprise-wide approach.
Nils Michaelis (pictured), ASEAN managing director for Accenture Analytics, said that “having the right people, focused on the right set of problems, is one of the most important components of an effective analytical capability.”
For roughly two-thirds (62%) of ASEAN firms in the survey, a designated person, such as a chief data officer, responsible for data management strategy is said to be already in place.
In response to shortages in supply of analytics professionals, 68% said they solve the immediate challenge by retaining managed services in addition to investing in tools and software (66%).
“The biggest talent imperative for ASEAN companies is to establish a future-oriented sourcing strategy and structure for accessing scarce skills. Increasingly, this sourcing strategy will have to include the ability to scour the globe for the necessary talent and integrating them into the organization,” Michaelis adds.