Organisations with higher data capabilities have better business outcomes than competitors, a study conducted by US-based analytics platform Tableau has found.
The company has unveiled its Asia Pacific Data Readiness Index (DRI) in collaboration with global market intelligence firm IDC. In this case, data readiness refers to an organisation’s capability to make data central to their business through the widespread adoption of analytics.
According to the index, leading data-ready organisations produce an average of 90% better business outcomes than companies who have less-developed capabilities. However, of the surveyed businesses, only 20% of them are in the leading band, with a majority in the developing (66%) and lagging (14%) bands.
Australia had the highest score (3.54) among seven countries and regions in Asia-Pacific and has 50 businesses in both the leading and developing band with only one business in the lagging band.
Singapore came second with a score of 3.52, with 52 businesses in the leading band, which is even higher than Australia’s count. It had 45 businesses in the developing band and three companies in the lagging band.
As for Hong Kong, it had a score of only 2.67, ranking it fifth in the study. In comparison to the countries topping the charts, only seven HK companies were in the leading band, 75 were in the developing band, and 20 businesses were in the lagging band.
“Becoming data-driven is no longer a ‘nice to have’, but rather critical in any organisations’ transformation strategy. To effectively drive data readiness, organisations in Hong Kong need to place greater emphasis and investment in its people,” said Joe Ho, head of enterprise, Hong Kong, Taiwan, Macau at Tableau.
The survey has highlighted that people-related traits such as employees’ data skills and organisation-wide collaboration are key performance drivers. Other metrics that the study covered include process (how well business processes are established to facilitate data management and data consumption), technology (how extensively technological tools are employed to ensure effective data architecture, data analysis, and agile deployment) and governance (how comprehensively data and content governance are in place to ensure trust of data).
Tableau has suggested that Hong Kong organisations should look at data readiness more holistically and invest in people-related factors.
“The DRI captures an organisation’s ability to harness its data to secure enterprise KPIs. We see big differences in DRI across functions and industries throughout Asia. The factors that drive DRI like skills, leadership, technology, governance, and process also vary widely,” said Dr Chris Marshall, associate vice president – analytics, big data and artificial intelligence of IDC Asia Pacific.