Analytics spend to outpace other software investments in next 12-18 months: study

Organisations say they base almost half of their business decisions on analytics.

Seventy-three per cent (73%) of companies in Singapore said they expect to spend more on analytics compared with other software in the next 12 to 18 months, research by International Data Corporation (IDC) showed.

According to the research, organisations are spending more on analytics as they rely on it for almost half of their business decisions. 

Of those decisions, less than 30% are informed by artificial intelligence and machine learning, showing organisations' interest in advanced analytics.

Organisations, however, are unable to maximise their analytics investment since 89% of them are not fully using the analytics skills of their employees.

To maximise analytics investments and drive transformative business outcomes, IDC said organisations can apply the following strategies:

•  Deploy easy-to-use cloud-based or hybrid AI-infused analytics technology to support cross-functional use cases
• Break down data and analytics silos by emphasising enterprise-wide analytics
• Develop a data culture that aligns technology spend with upskilling on data literacy; and
• Ensure alignment on analytics initiatives between IT and line of business to eliminate shadow IT