According to one yearly APAC survey, the numbers point to the need for more integrated, holistic enterprise data strategies here
In a yearly analysis of telecommunications (telco) and financial services (FSI) industries within Asia Pacific region (APAC) on global enterprise data maturity, recent figures have shown a 46% to 48% increase in adoption of data and analytics solutions since the start of the COVID-19 pandemic in support of digital transformation initiatives.
Information was collated from respondents in the APAC financial services industries (140 IT decision makers and 53 senior decision makers) and telcos (104 IT decision makers) from organizations with 1,000 or more employees across both public and private sectors in Singapore, Australia, South Korea, Indonesia, India, China, and Japan.
As far as surveyed senior business decision makers across all industries were concerned, APAC organizations with mature enterprise data strategies in place for at least 12 months reported higher profit growth at an average of 6%. Also, customer centricity emerged as a key priority for both telco and FSI organizations when it comes to using data: 96% of senior business decision makers reported that the way data was handled and managed had positively impacted their organization’s performance, and 64% reported “stronger levels of resilience” from the presence of a mature data strategy.
Other findings include:
According to the survey report, with 5G adoption set to grow across APAC by 2025, the unprecedented volumes of data being generated hold the key to helping telco and FSI organizations meet business goals such as increasing customer satisfaction, uncovering alternative revenue streams, and improving operational efficiency. The data showed:
- 87% of telco industry respondents indicated having enterprise data strategies in place, with 93% indicating challenges such as the high cost of management solutions; lack of effective processes and systems in place; and growing data volumes.
- 48% reported increased spending to support digital transformation initiatives.
- 69% of telco organizations surveyed were adopting innovative analytical methods and tools such as data science, IoT and edge device management (60%) and business intelligence (60%). For the APAC FSI industries, 94% of respondents that were senior decision makers saw the value of secure, centralized governance over the entire data lifecycle.
- 49% of APAC telco industry IT decision makers (and 43% of FSI IT decision makers) in the survey across APAC indicated an increase in spend across supporting changing work environments such as hybrid work arrangements.
The report by Cloudera concludes from their analysis that organizations of the size covered by the survey that adopt a widespread, integrated, holistic enterprise data strategy across all lines of business can reap the benefits of data.