AI Use Hindered by Inadequate Quality Data: Report
Less than half (43%) of Singapore businesses who participated in the survey reported having data and systems that effectively provide extensive customer information.
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Lack of quality data hinders 76% of Singapore businesses from using artificial intelligence (AI) effectively, according to a report from customer platform HubSpot. The report unveiled various challenges being faced by businesses in elevating customer satisfaction and generating revenues.
While technology solves most problems faced by businesses, the lack of data has influenced AI use. According to the report, this may be behind 34% of Singapore businesses’ resistance to talk about the integration of genAI in their operations.
Less than half (43%) of Singapore businesses who participated in the survey reported having data and systems that effectively provide extensive customer information. While the insufficiency delays customer interaction management, it also impacts customer experience.
Businesses are also facing high costs, as cited by 44% of survey participants. Some raised the burden of intense competition (39%), rising costs of reaching prospects and customers (35%), and channel saturation (34%).
“Needing to switch between more than 50 applications to manage customer interactions is not only detrimental to efficiency, but could also lead to inaccuracies as businesses try to align insights across disparate data sources,” Dan Bognar, Vice President and Managing Director of APAC at HubSpot, said.
“Having a single source of truth for customer data is essential to build and maintain meaningful customer relationships. Technology can give businesses a helping hand, however our findings show that data connectedness and a unified tech stack are presenting significant opportunities for local businesses looking to improve prospecting and customer retention,” he added.
