Three in five businesses increasing investment in analytics: study
The digital shift is expected to persist even as pandemic restrictions ease.
More than half of businesses are identifying data analytics as a useful tool for customer decision-making in a digital economy, as well as to identify and manage consumer credit risk, according to a study by Experian.
55% of businesses have been increasing investments in analytics with 77% adapting artificial intelligence (AI) into their analytics model. This is followed by 68% in machine learning (ML), 19% in AI supported analytics capabilities and 14% investing in improving performance of existing AI decisioning models.
The study said that AI and ML have emerged as effective solutions that enable businesses to drive better decisioning with 59% finding AI and ML solutions effective in assessing consumer credit risk and 49% finding them effective in delivering insights on existing clients.
Findings also showed that 30% of Singaporeans indicate that they are still relying on online platforms for their banking (38%), food delivery services (38%), grocery shopping (35%), as well as clothes, electronics, beauty, and wellness product purchases (33%).
Experian’s Global Insights Report surveyed 3,000 consumers and 900 businesses from Singapore, India, Japan, Australia, the United States, Brazil, United Kingdom, Germany, France, and Spain. Industries surveyed include retail banks, e-commerce, telecommunications, and consumer technology. 300 consumers and 90 businesses from Singapore participated in the study.