THERE needs to be concerted efforts to create and enhance the level of awareness about the importance of data as a business asset, especially for organisations that hold huge volumes of operational and customer data.

"This is required across the organisation from the board level to the operational level," said Mark Jansen, partner, data & analytics leader at PwC Singapore. Citing a PwC study that polled some 2,100 C-suite leaders, business unit heads and senior vice presidents, Mr Jansen said that senior management said that they wanted to be more data-driven but acknowledged that there is more to do. About two-thirds (61 per cent) of respondents said that their companies' decision-making is only somewhat or rarely data-driven.

Data has become a central strategic resource for all organisations in the digital era. With fast-moving developments in analytics, how successfully and efficiently companies harness their mass stores of data can determine whether they succeed or fail in the disruptive market place.