Data can power businesses to a prized podium finish

IN FORMULA One racing, the winning margin can be measured in milliseconds. Gaining an edge over competitors in business may not be quite so close, but the margins can be similarly difficult to decipher with the human eye. Leveraging data keeps the winners ahead of the pack. However, given that unprecedented volumes of new information are being created and added to existing historical data every second, aggregating and transforming these gigabytes of data into powerful insights demand the power of analytics.

Singapore firms lead in use of data

Countries across the region are racing to create data-friendly environments for businesses, but Singapore appears to be leading the race to become South-east Asia's big data hub. According to the Economic Development Board (EDB), the data analytics industry has become central to Singapore's economy, with studies indicating that it contributes at least S$1 billion each year.