More than half of 469 senior consumer executives worldwide ranked data analytics and digital strategy as the two most important areas for their companies in the coming year.
This is one of the key findings from the latest annual survey conducted by KPMG and the Consumer Goods Forum, a global industry network of consumer professionals.
Titled Transforming for growth: consumer business in the digital age, the second edition of the survey finds out what is ‘top of mind’ among retailers and food, drink & consumer goods manufacturers across 32 countries, including Singapore.
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About 56 percent of consumer executives said data analytics is important to their company’s strategy, making it the highest-ranked strategic area in the survey.
Digital strategy also featured prominently- 54 percent of respondents named developing a digital strategy for mobile and digital platforms as a priority for their business over the next 12 months. Yet, over a third currently see themselves as having weak or no capabilities in the area.
- Data analytics and external risk mitigation were seen as the most critical areas, with 57 percent of respondents naming these as the focus for their company over the next 12 months.
- Data security was also top-of-mind for Singapore respondents, with 57 percent naming it as the top area expecting to see an increase in investment over the next year.
- More than half of respondents said they have weak or moderate capability in leveraging digital technology.
- They were more confident about the use of data analytics- 72 percent said that they have strong or very strong capabilities in this area.
- More than 70 percent expect organic growth through existing businesses to be between three and 10 percent over the next two years.