Study Shows Use of AI and Business Analytics is Growing Rapidly to Support Data-driven Decisions
Qinthara Fasya | 22 July 2021
ManageEngine, the enterprise IT management division of Zoho Corporation, today announced the results of its recent market study, The 2021 Digital Readiness Survey, finding that 94% of businesses in Singapore increased their utilisation of business analytics over the last two years. The study results also show a significant rise in the adoption of technologies such as the cloud and artificial intelligence since the start of the COVID-19 pandemic.
ManageEngine commissioned market research firm Dimensional Research to conduct the 2021 Digital Readiness Survey to understand the changing IT landscape and COVID-19’s impact on businesses. A total of 1,210 IT executives and technology professionals from Singapore, India, North America, the United Kingdom, Australia and New Zealand were surveyed. In Singapore, 101 respondents from businesses with more than 500 employees across 16 industry verticals completed the survey.
The study revealed the following insights about Singapore:
- The rise in cloud adoption is driven by the need to support remote workers, continue IT operations and perform data-related processes such as storage and backup.
- Growth in the utilisation of AI has been influenced by the demand to provide a better customer experience and improve operational efficiency.
- Significant trust has been placed in the tech leadership team’s ability to lead their company into the future.
- Security concerns remain high as cyberthreats, primarily phishing, malware and account hijacking, endanger employees working remotely.
Key Findings Among Singaporean Firms:
- Businesses are leveraging analytics to improve decision-making: For modern-day organisations, data is an invaluable asset. Almost 94% of respondents in Singapore stated that their companies have increased the use of business analytics. Major drivers for the rise in the use of business analytics include the need to improve decision-making and better leverage the data available to the company.
- Increased adoption of cloud solutions: Enterprises in Singapore have accelerated the use of cloud solutions, such as Software as a Service, Infrastructure as a Service and Platform as a Service. More than 86% of respondents stated they have increased the adoption of the cloud as a result of the pandemic, and knowledge about the cloud (both public and private) was among the top skills learned during this period.
- Confidence in AI has increased in the last two years: Nearly 89% of respondents stated that their company’s use of AI has increased in the last two years. The results of the survey show that providing a better customer experience, increasing operational efficiency and improving business analytics are the top three reasons companies in Singapore have accelerated the adoption of AI technologies.
- IT leaders make good CEO candidates in Singapore: The study revealed that the tech leadership team is heavily trusted to lead their company in the future. In fact, around 71% of respondents believe that IT leaders are better equipped and qualified to assume the CEO mantle compared to those occupying roles in other departments like sales, marketing and finance.
- Work-from-home security concerns are a key driver for innovation: With 98% of companies planning to support their remote workers for at least the next two years, the need to improve security is driving companies to adopt new technologies. The top three security initiatives implemented by companies are training employees, instilling more awareness among staff and adapting their security strategies.
“Even as enterprises are pushed to accelerate their digital initiatives to rapidly transition to hybrid work, the need to offer a better customer experience and ensure operational efficiency has never been greater,” said Gibu Mathew, vice president and general manager for the Asia Pacific at Zoho Corporation. “Business leaders understand that technologies such as AI and the cloud are vital to overcome future disruptions and achieve resiliency. As organisations continue to lean on IT to cope with the shift, we are committed to empowering and supporting our customers in navigating the ever-changing landscape.”
Visit ManageEngine’s website to access the 2021 Digital Readiness Survey infographic.