The majority of IT decision makers in the telecommunications (87%) and financial services (81%) industries in Asia Pacific (APAC) claim to have enterprise data strategies in place, according to the Cloudera Enterprise Data Maturity Report. Cloudera defines an enterprise data strategy as an organisation-wide, integrated, holistic strategy across all lines of business.
Most of the surveyed IT decision makers in the region also agree that organisations that implement a hybrid architecture as part of their data strategy will gain a competitive advantage (92% for telcos and 91% for financial services).
By deploying a hybrid data cloud, organisations will be able to access and analyse data faster and more easily, empowering them to make data-driven decisions that can help them effectively meet the demands of today’s hyper-competitive business climate.
Besides that, telco organisations in APAC are adopting innovative analytical methods and tools such as data science, Internet of Things, edge device management and business intelligence, Anthony Behan, managing director for communications media and entertainment at Cloudera, tells DigitalEdge at a media event on Wednesday (Oct 12). The move aims to support cloud migration and strategy, get faster and more accurate real-time business insights, as well as enable self-serve reporting analytics such as artificial intelligence (AI).
Behan also shares that telcos in the region are using Cloudera’s solutions to ingest massive volumes of data to derive valuable customer and network insights, including analysing customers’ lifetime value, delivering proactive care and understanding churn.
As for financial services institutions (FSI), risk management and regulatory compliance are highly crucial when it comes to data management. Case in point: 94% of the surveyed senior business decisions makers in APAC FSIs see the value of secure, centralised governance over the entire data lifecycle.
See also: Younger consumers in Singapore more receptive towards AI agents
They can achieve that by having the right enterprise data strategy and leveraging a modern hybrid data architecture platform from Cloudera, says Daniel Hand, Cloudera’s field CTO for APAC, at the same event.
He adds that doing so can also enable FSIs to reduce fraud and risk exposure as well as increase customer retention and profitability. This is vital as the surveyed senior decision makers reported annual losses of US$125,882 as a result of missed opportunities involving their data.
