IT'S a standard scene in Singapore boardrooms: Seven or eight directors sitting around the table, ploughing through the latest financial results and the previous quarter's performance.

At various points, the meeting inevitably discusses the future - reviewing plans and strategies for the organisation. These discussions are typically based primarily on previous experience and historical statistics.

But things are changing. Directors are starting to realise that "actionable data" and data analytics tools that not only analyse information but also forecast future trends and those that help shape business strategy are now essential for evaluating strategies and the competencies needed to execute them.