96 percent of companies capture customer details for use in data mining, according to a survey by specialist recruitment firm Robert Half.
The survey of 103 chief technology officers (CTOs) from a range of industries shows that 42 per cent of Singapore companies use this captured data to make most of their business decisions.
34 per cent use customer data some of the time when making decisions and 20 percent said they capture customer data but are not using it yet.
However, setting up a data capture and mining system is not without challenges as 31 per cent of Singapore companies struggle with the lack of data available and 29 percent struggle with too much data.
"Data analytics is even more essential in today's digital age when too many businesses are vying for the short attention span of consumers," said Stella Tang, managing director of Robert Half Singapore. "Understanding the buying habits of their customers will allow businesses to effectively target the right products and provide a better end-user experience to consumers."
How data is used
42% of Singapore companies have an established function where data is used in most business decisions and 34% have an established function where data is used in some business decisions.
20% said they have the ability to access data to drive business strategy but have not yet implemented the process.
4% don't collect data to drive business strategy although they have the ability to do so if desired.
All companies have access to the requisite data to drive business strategy and have resources to use data to drive business strategy.
6 in 10 CTOs in Singapore believe the workload of their IT staff has increased between 5 and 20 per cent due to the demands of data mining.
"It is no surprise that 42 per cent of Singapore companies are using data mining and analytics, now a core function in many IT teams, to drive business decisions," said Tang. "That's why we are seeing an increased demand for skilled professionals with experience in data mining and analytics. Robert Half has seen recruitment activity for these professionals increase by 18 per cent in the last two years."
Sign up for CIO Asia eNewsletters.