31 May 2012 - Enterprises in the retail and wholesale sectors can look forward to a comprehensive suite of Business Analytics shared services to enhance their competitiveness starting mid 2013.
Singapore, 31 May 2012 | For Immediate Release
Enterprises in the retail and wholesale sectors can look forward to a comprehensive suite of Business Analytics shared services to enhance their competitiveness starting mid 2013. These services, to be deployed on shared infrastructure, will enhance enterprises' capabilities in Customer & Marketing Analytics, Inventory Optimisation and Operations Analytics.
As part of the Infocomm Development Authority of Singapore's (IDA) Data & Analytics Programme, IDA and its industry partners will be investing a total of $5.3 million to develop a suite of Business Analytics shared services for the retail and wholesale sectors. Three service providers have been selected through a Call-for-Collaboration (CFC) to provide these analytics services. The three service providers are Manthan Systems, CyanSYS and PracBiz.
Six user enterprises are participating in this initiative as early adopters. They are NTUC Link, NTUC Fairprice, NTUC Unity Healthcare, C K Tang, Best Denki and YG Marketing. These enterprises will work with the selected service providers to create ready-to-use analytics applications for different retail segments spanning grocery, consumer electronics and departmental stores. Subsequently, more enterprises can also benefit by subscribing to these analytics applications.
Through this initiative, IDA hopes to lower enterprises' cost of adoption, shorten implementation time and make available analytics services on tap by the retail and wholesale sectors. Applied to the vast amount of transaction data that retailers have accumulated over time, these analytics services will allow them to derive greater insights of their customers' needs, improve service level, minimise inventory holding and increase overall operational efficiency.
Manthan Systems, a retail analytics solutions provider, will develop Customer and Marketing Analytics to enable retailers to better appraise marketing campaign effectiveness and understand their customers' purchase pattern and trends. Through Inventory Optimisation, CyanSYS will enable retailers and their suppliers to improve demand forecasting, resulting in inventory efficiency and cost savings. PracBiz will enhance its B2B supply chain solutions to provide Operations Analytics shared services for SME suppliers to increase their productivity through optimisation of resources and business processes.
"IDA has identified Data and Analytics as a strategic focus area, and aims to develop Singapore into an international Data and Analytics Hub. We take an integrated approach in catalysing the growth & competiveness of key economic sectors through greater adoption of analytics, and strengthening our industry capabilities to capture the growing opportunities in global demand for Analytics services. This integrated approach involves seeding adoption, developing industry & manpower capabilities and putting in place scalable infrastructure," said Mr Ronnie Tay, Chief Executive Officer of IDA. Besides retail & wholesale sectors, IDA's initial efforts in Data & Analytics adoption will also cover other sectors such as healthcare, insurance, and food & beverage.
Business Analytics is becoming a key competitive differentiator for companies and organisations. The pervasive use of infocomm has generated vast amount of data, which continues to grow rapidly over the years. By analyzing this data, companies can discover greater insights about their customers and operations and make data-driven, informed decisions to increase efficiency and improve profitability. Demand for such analytic services also spell significant opportunities for Singapore's ICT industry and partners. According to IDC, the worldwide Business Analytics market for software, hardware and services is expected to reach US$123 billion by 2015.
The Data & Analytics programme, including this CFC, will create analytics-related employment opportunities, up-skill Singapore-based ICT companies' capabilities and help extend their analytics products and services to the regional market, thereby contributing to Singapore being a Data and Analytics Hub.
ISSUED BY CORPORATE AND MARKETING COMMUNICATIONS DIVISION
INFOCOMM DEVELOPMENT AUTHORITY OF SINGAPORE
Related Resources
- Annex 1: Quotes from CFC awardees (59.76KB)
- Annex 2: CFC Awardee Companies Factsheets (68.24KB)
- Annex 3: Sectoral BA Shared Services CFC Background (343.35KB)
- Annex 4: IDA's Data and Analytics Programme (69.61KB)
About Infocomm Development Authority of Singapore
The Infocomm Development Authority of Singapore (IDA) is committed to growing Singapore into a dynamic global infocomm hub. IDA uses an integrated approach to developing infocommunications in Singapore. This involves nurturing a competitive telecoms market as well as a conducive business environment with programmes and schemes for both local and international companies. For more news and information, visit www.ida.gov.sg.
For media clarifications, please contact:
Christopher Koh (Mr)
Manager
Corporate and Marketing Communication
DID: +65 6211 1709
Fax: +65 6211 2227
E-mail: christopher_koh@imda.gov.sg
Malini Nathan (Ms)
Manager
Corporate & Marketing Communication
DID: +65 6211 0660
Email: malini_nathan@imda.gov.sg
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