Salesforce has released its State of Data and Analytics report with key trends from over 10,000 analytics, IT, and business leaders across 18 countries, including 600 from Singapore.
The report highlights trends impacting data leaders including strategies used to navigate rapid advancements in artificial intelligence (AI), challenges organisations face in realising the full potential of their data, and tactics analytics and IT leaders employ to manage increasingly extensive and complex data.
Key insights from this year’s State of Data and Analytics report include:
- AI advancements intensifies demand for trusted, secure data. Advances in AI are fast-moving, and companies are eager to profit from new iterations like generative AI. 84% of business leaders in Singapore are worried about their company missing out on its benefits. However, only 38% of business leaders are completely confident in their data accuracy. This puts pressure on data management teams to power algorithms with high-quality data. 84% of analytics and IT leaders in Singapore say advances in AI make data management a high priority.
- Security threats and overwhelming data volume hinder data potential. The path to unlocking data’s potential is winding. Analytics and IT leaders in Singapore cite security threats as their number one data challenge, while business leaders in Singapore cite overwhelming data volumes as the biggest hurdle. Meanwhile, the amount of data that companies generate globally is expected to increase 22% on average over the next 12 months.
- Leaders leverage data culture and data governance to reach goals. To maximise data value and trust, analytics and IT leaders lean on data governance. 87% of analytics and IT leaders in Singapore use data governance to ensure and certify baseline data quality. 68% of these leaders are investing more in data training in the next year to strengthen internal data culture.
“AI is only as good as the data that powers it. In addition to an AI Strategy companies also need a Data Strategy,” said Gavin Barfield, Vice President & Chief Technology Officer, Solutions, Salesforce ASEAN Salesforce.
“Silos of data need to be broken down and data sources unified to create a true 360 degree view of a customer. This will provide a solid and trusted foundation to build effective AI.
“In the new age of AI, data-driven companies will be best placed to capitalise on the technology’s massive potential. A strategic focus on data governance, as well as a strong data culture that empowers employees to work with data on their own terms, will be key attributes that allow companies to reap the benefits of AI.“