MANILA, Philippines - A majority of business leaders in Southeast Asia are committed to the adoption of analytics or fact-based decision-making, according to research by Accenture.
The Accenture study showed 96% of ASEAN business leaders are committed to analytics, compared to 86% of their counterparts in the United Kingdom and 85% in the United States.
However 89% of ASEAN companies admitted "analytics is not yet deeply ingrained into the fabric of most companies as an integrated, enterprise-wide approach."
Analytics is an increasingly valuable source for differentiating products and services.
"Effective analytics programmes are built on three key success factors,” said Nils Michaelis, ASEAN managing director, Accenture Analytics.
"The first is to establish top management commitment and disciplined processes that ensure valuable insights and clear recommendations are being generated, acted on, and measured for effectiveness. Next, companies should use a ‘build, buy and partner’ strategy to source skills, given the supply constraints. Finally, they must apply technology that ensures data integrity, quality and accessibility.”
Even if some Southeast Asian companies regard the overall quality of their data as "good," they say data collection and integration are the top challenges facing them.
According to Accenture, getting the full return on investments in analytics is a journey that leads from issues, to insight, to decisions, to action and ultimately to visible and measurable outcome. Leading companies are creating a virtuous feedback loop that allows them to collect data, analyse the data, harvest insights, make decisions and then respond with agility.
In the Philippines, Accenture said two-thirds (68%) of Filipino respondents are satisfied with business outcomes driven by their analytic investments.
Accenture also said a majority of Filipino companies said they see tangible business outcomes with the use of analytics in the development of new products and services (78%) and customer retention and acquisitions (74%).