SINGAPORE - Almost 70 per cent of small and medium enterprises have yet to adopt data analytics, with many of them only familiar with spreadsheets and databases, suggesting a lack of awareness and understanding of advanced data analytics.
The study found that of the SMEs yet to adopt data analytics, about half have no intention to do so in the future. These respondents' top concerns included data protection and privacy, limited financial resources and the lack of information systems infrastructure support. "Sharing of success stories and providing real-life examples on how potential monetary benefits can be achieved with data analytics adoption can be considered," the study suggested."As success stories spread among the SMEs, more of them may be encouraged to consider embracing data analytics as part of their business model."
The report noted that while government support via grants is widely available, some SMEs face difficulty tapping them. This is as some financial assistance schemes may require the firms to first provide upfront funds to implement digitalisation transformation.
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