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APU and Department of Statistics Partner to Drive Data Studies

Image Credits: APU, Malaysia, Press Release

The Department of Statistics Malaysia (DOSM) inked a Memorandum of Understanding (MoU) with the Asia Pacific University of Technology and Innovation (APU), in driving data mining, data analysis and data analytics training among academicians and students.

The signing ceremony was held recently on APU’s campus situated at Bukit Jalil and was signed by the Chief Statistician of Malaysia and the Vice-Chancellor of APU. It was witnessed by senior officials from both institutions.

Through this MoU, DOSM and APU agreed to the sharing of data analysis, research sharing analysis results and new findings. The MoU also implements collaboration in the areas of statistics research and knowledge exchange pertaining to information supply, storage, exchange, and improvement of official information as mutually agreed upon and allowed by the law.

In addition, the partnership will also produce subject matter experts for both parties to satisfy the current and future needs for data by using the latest statistical techniques, the application of data science and analytics and other innovative approaches.

For the aspiration of new knowledge, experience, expertise and research, this collaboration signifies a smart partnership between both parties. DOSM will provide selected micro datasets for research purposes and the development of new knowledge among the APU community.

It is hoped that academics and students will make full use of this data to enhance their skills in data mining using a large-scale dataset and therefore improving analytical capability as well as evidence-based decision making, Malaysia’s Chief Statistician said during his speech.

APU’s Chief Operating Officer, who delivered the welcome speech earlier stated that DOSM is in the process of establishing the National Big Data Analytics and Data Processing Centre, APU is passionate about Big Data, launching the first Big Data or Data Science programme in Malaysia at the post-graduate level in 2015.

We are thrilled to establish this relationship with DOSM, as we think we can go beyond getting data and contribute to the creation of predictive analytics for our decision-making on institutional as well as national levels,” the CEO concluded.

In 2020, the Data Analytics Market generated a revenue of US$22.99 billion and is projected to reach a market value of US$ 346.24 billion by 2030, growing at a 30.7% CAGR.

Data analytics comprises a majority of enterprises’ processes as it helps them manage, process, and streamline large data sets. This is done in real-time and improves a company’s decision-making capability. Other objectives of data analytics include helping firms develop a better understanding of clientele as well as narrowing down the massive amounts of data to the targeted audience. This can effectively improve a company’s marketing. Many companies are increasing their adoption of data and business analytics to analyse the mammoth volumes of data generated in both offline and online trading.

The factors contributing to the upsurge of data analytics include the adoption of big data analytics software by different organisations, and delivering and enhancing decision-making. Other factors include competitive advantages provided by data analysis, allowing for choices to be made promptly. Further, cloud-based data analytics software has been introduced among small and medium enterprises and this has positively impacted the growth of the market.

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