Many businesses in SEA have yet to take advantage of data and analytics says Fusionex | Digital Asia
digital Asia News Update
- Growth of the Chief data Officer role still fluid and changing with the times
- Content, target audience of What's Next synchs with Fusionex goal to fuse business & tech
ALREADY one of the leaders in the Big Data and Analytics market in Malaysia and the region, Fusionex International received yet another feather in its cap when Alibaba Cloud recognized it as its Top Technology Partner Award for 2018.
Alibaba Cloud recognised Fusionex for its efforts in providing cutting-edge cloud solutions to organisations across Asia and it declared the software and services company to be its go-to-market partner in the region.
Prior to the recognition from Alibaba Cloud, DNA had asked Ivan Teh (pic), the founder and managing director of Fusionex about the demand for predictive analytics and the emerging role of the Chief Data Officer, a role that Gartner predicts result in 90% of large companies having created such a role in their organizations by 2019. And with DNA's What's Next conference running tomorrow, we also took the opportunity to get in a quick question about Fusionex's long involvement with it.
An edited version of his responses follow.
Digital News Asia: The demand for real-time data analysis tools is increasing and the arrival of IoT is also bringing an uncountable amount of data. However, businesses today want to go further and predictive analytics is another trend that is being closely monitored. Gartner predicts that more than half of all large organizations worldwide will use advanced analytics and algorithms built on them to be more competitive by 2018. Do you see this trend becoming a reality among your customers in the region today?
It's true that huge volumes of data are being generated as an increasing number of businesses have started their journeys to going digital. Apart from organizational and customer records, businesses are able to store data from online payment transactions, user browsing history, social media, and so on.
Yet, many businesses in the region have yet to take advantage of compiling and analyzing these datasets. One of the first steps in their analytics journey would be to compile, clean, and analyze this data to find out exactly what is going on in their business and why things are happening the way they are. This helps them make accurate, data-driven decisions they could never have made before – previously, gut-feeling was relied upon as the tool of the day.
Moving forward, once key personnel within the organization, especially decision-makers, have understood and mastered the nuances of descriptive and diagnostic analytics, they may then begin to invest time and effort into predictive analytics.
Digital News Asia: Today, data and analytics are getting core to every business. Every company has had a Chief Information Officer who supervised all the information management assets and security issues. But with the data and analytics volume and role getting so big, it is said that a new position has emerged: the CDO, or Chief Data Officer, assigned to data management only.
What has been your observation about the growth of this CDO role? Is it crucial to the success of any large company that wants to ensure it is taking full advantage of its data?
The role of Chief Data Officer comes with various responsibilities, including managing their organization's data by crafting and reviewing data strategies. Organizations with a Chief Information Officer may find a blurring of responsibilities between the two roles, as well as uncertainties of the duties and KPIs of the CDO in general. So the growth of the CDO role is still fluid and changing with the times. It is flexible depending on the needs of the particular company the CDOs find themselves in.
In large companies with huge volumes of data to manage, a CDO might be necessary to align the efforts of the organization's various data teams to ensure they are not operating in silos, but instead are working cohesively to elevate the company's intelligence and efficiency in a holistic manner.
Digital News Asia: And finally, a quick question about What's Next 2018. You have come in as a sponsor for the past four years now. What do you like about What's Next?
The content, its participants, and target audience of What's Next is very much in line with Fusionex's focus and aims.
We have always worked to fuse business and technology together in humanized ways and this conference is making huge strides in spreading awareness and education on how cutting edge technology can be easily and effectively applied to help businesses boost efficiency, reduce costs, and increase productivity. Fusionex is happy to be part of this conference and will continue to support What's Next and its quality content.