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Exclusive OpenGov Tech Day: Data Monetisation – Transforming Big Data into Big Value

OpenGov Tech Day Data Monetisation - Transforming Big Data into Big Value
Delegates at OpenGov Tech Day: Data Monetisation - Transforming Big Data into Big Value

Data is being recognised as a key asset for driving economies and nations. Many organisations carry a wealth of data but the data is not utilised to reap in the economic benefits. The lack of relevant skills and awareness are some factors that hinder organisations from understanding their data and monetising it to create value.

Creating awareness on this was the agenda of OpenGov’s Tech Day: Data Monetisation- Transforming Big Data into Big Value, held on November 13, at the Marriott Hotel, Jakarta, Indonesia.

Delegates from the financial services industry (FSI) attended and shared informative discussions and insights on the ways in which big data can be transformed to produce big value.

Allocate and Utilise Data with the Right Tools

Mohit Sagar
Mohit Sagar said data-centric structures are key

Data is everywhere and growing at an exponential rate. Every day, new data is being produced and adding on to the existing wealth, almost as if creating an iceberg out of it.

But no matter how much data there is, it will be wasted if it is not being effectively used.

Mohit Sagar, Managing Director and Editor-in-Chief at OpenGov Asia stressed the importance of organisations to check if they are staying afloat with their data or sinking in it.

Duct-tape approach is a common practice among organisations, where multiple platforms are used for one task and these platforms are not necessarily working cohesively. Basically, they are working in silos.

This is why data-centric structures are key. Organisations should revolve themselves around these structures and work with their data at hand to optimise their business processes and produce rewarding outcomes.

But of course, data is wealth, not just in monetary terms but also in the valuable knowledge that it carries. There should be data-sharing across organisations to strengthen this knowledge and empower one another with the skills and technologies which will optimise processes.

Data should be allocated and utilised using the right tools, ensuring that it is used in a smart way. When organisations start to recognise the benefits that data brings to them, they will be able to stay ahead of the competition and monetise it, transforming their data into big value.

Data-Driven to Data-Centric

Sunil Chavan
Sunil Chavan: AI comes after data analytics

Digital transformation is a big trend that is occurring across various industries and economies. Digital transformation is a key factor looked at in the journey going forward.

Data analytics is one of the technologies used for understanding and utilising the data at hand. The use of Artificial Intelligence (AI) will follow right after. AI can be enabled when there is a clean and proper data analytics platform.

Sunil Chavan, Vice President, FlashBlade sales at Pure Storage, Asia Pacific and Japan said that creating such a platform for monetising data and for conducting data analytics using AI technology is another key trend in the industry.

Data analytics forms the crux of the digital transformation efforts across the following sectors- investing and wealth management, retail banking, and insurance. Having a robust predictive analytics engine for handling customer data and enabling a more predictive nature of claims for insurance processes are some of the AI-based activities which are being focused upon.

Sunil added that in his organization, a data-centric approach is being adopted. Having one copy of data that is presented to different applications. This is another key trend, moving away from data-driven to data-centric.

Shedding light on what a data-centric infrastructure consists of, all data should be consolidated to be presented and analysed on various applications. It also looks at how on-prem data is brought to the public cloud and of how real-time sharing of data is enabled.

Where are Organisations at in their Digital Transformation Journey?

It is well understood that data is essential to businesses to create value out of it. But the common challenge faced to it is getting real-time insights to data and the analysis of it.

With that being one of the major obstacles, data-analytics is placed with importance as a key project to be embarked upon in the next 12 months. Having a shortage of skilled personnel who understand both business and IT requirements is a challenge that organisations embarking on data analytics and AI projects have to overcome.

Open-Source and commercial off-the-shelf software are some of the highly used development tools of organisations in their digital transformation journey.

The hybrid cloud infrastructure is deemed as the technology which will fit into an organisation’s next-generation infrastructure. There is growing awareness and realisation of how the hybrid cloud model is a catalyst for digital transformation.

But having said that, factors such as data privacy and security make organisations inclined to still choose to adopt private cloud on-premises, compared to the hybrid cloud, as part of their overall cloud adoption strategy.

Forming a Data-Centric Framework

OpenGov Tech Day Indonesia
Delegates discussing the forming a data-centric framework

All new risk management applications are looking at decoupling and scaling storage and computing separately as it allows for lowered costs and increased performance. Technology companies are putting a lot of focus on this.

Security is a big factor in data hub strategies and data-centric architectures. Providing better security compliance and risk management solutions are factors which organisations place high importance on.

Organisations deem it important to first identify the problems at hand. They believe that the complexity of the current overall architecture should be investigated first before deciding on what are the steps next to be taken. They will be better to be able decisions such as the type of infrastructure that will be needed.

AI models are the next phase of transformation that organisations have their eyes set on and data hub strategies will be providing the step forward towards it.

Creating a Data Hub

OpenGov Tech Day Indonesia
Delegates discussing the forming a data-centric framework

There is a difference between deciding to be a data-centric hub or a data-driven data hub- moving data between systems.

A data-centric architecture allows for data to be reutilised with different applications only if data can be moved around the environment. Processes will also be simpler and there will be easier access to information.

If businesses are having to facilitate data movement across different business processes, this will slow down the ability to provide business value.

There is often the debate of should data be stored on-prem or the public cloud? The common approach is for all customer data to be stored be on-prem while non-customer related data to be stored on the public cloud.

The best way to combine and perform both functions would be to use a hybrid cloud strategy.

A hybrid cloud model is not to be confused with that of a multi-cloud.

In multi-cloud strategies, data cannot be shared easily. Data has to be moved in and out of the platform which will create more costs. Delivering information across systems will be each easier if they on the same platform, hence the hybrid cloud approach.

Building a Scalable AI-Ready Infrastructure

OpenGov Tech Day Indonesia
Delegates building their AI-based infrastructure

Data training cannot be done using legacy infrastructure. Training data revolves around analysing the data. Typically, GPUs are used for this. The AI solutions that are produced are mostly based on GPUs.

Attempting to do AI training on a CPU-based infrastructure, a lot of CPU immersions will be required which will reduce efficiency.

Some organisations are still using a conventional model- a proof-of-concept (POC) model.

Running a small amount of data on a POC model would not necessarily provide the most optimal results. High costs will be brought about with this.

Using a scalable platform such as a cloud platform is not optimal for running all AI infrastructure. Large amounts of data will need to be constantly moved in and out of the platform which will be cost-inefficient.

There are ways to go about using the right type of technology for training data in the most efficient way. Businesses can also reduce their carbon footprint with these effective processes.

Utilise Data with the Right Technologies and Methods

Looking ahead in the transformation journey, it all comes down to how data is being utilised and of the technologies that are used. Businesses should adopt the mindset of adopting ways that will allow them to use their data in the most cost-efficient way while optimising their business processes and creating big value out of it.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.