A new data analytics and automation platform has been launched in New Zealand. It aims to give better planning and forecasting capabilities to small and medium-sized businesses (SMBs) in the country.
The developers chose New Zealand for its new tech due to the country’s high level of uptake for cloud solutions. The relatively advanced adoption of technology in general and maturity of the digital market surged especially during the age of COVID-19.
In the past, capitalising on the potential of artificial intelligence (AI) and machine learning required specialists or in-house technical capabilities and the deployment of substantial resources. This effectively excluded most small and medium-sized businesses, which account for 97% of businesses in New Zealand and more than half of employment worldwide. The developers say that their technology puts powerful data modelling — ordinarily the preserve of the world’s largest corporations — within reach of every business.
The developers said that the tech brings the speed, simplicity, and convenience of consumer apps to business forecasting to make better, faster, more informed decisions. They also added that most financial software being used today focuses on measuring the past. But in growing a profitable, sustainable business should be based on understanding the future.
The new forecasting tool is a no-code technology that reveals patterns in business data that are usually hidden from view. The product allows SMBs to utilise enterprise-level data analytics to assess the future commercial impact of decisions, identify the best outcomes, and prioritise investment and resources.
The tech enables small business leaders to model a variety of future commercial scenarios based on their historical data. With it, users can automate data processes, from the source to report, and run forecasts powered by AI predictive analytics. The predictive analytics also help uncover new insights, after which teams can predict potential outcomes, create interactive report templates, and share and collaborate on industry-grade workspace tools.
Furthermore, growing businesses in New Zealand are at the head of the pack globally when it comes to adopting cloud business technology, and the platform effectively gives them access to a data scientist, said the developers.
The tech developers offer welcome assistance to often-stretched finance and operations departments. They aim to reduce the tedious, painstaking, time-consuming process of forecasting and planning into the digital age, giving business owners more time to focus on the tasks that grow the business.
Accordingly, as reported by OpenGov Asia, New Zealand has an established and clear data strategy and roadmap for the nation. The strategy and roadmap are intended to provide a shared direction and plan that organisations within and outside government can collectively work towards and align their efforts to generate maximum impact. It acknowledges that there is a need for greater alignment and coordination of effort across the system. The government understands that global data growth enables innovative data uses that are transforming the world and that In New Zealand is uniquely positioned to maximise the value of data.
The government agrees that it has a unique role to play in laying the groundwork for the future data system. The roadmap envisages a future where data is regarded as an essential part of New Zealand’s infrastructure and where data use is underpinned by public trust and confidence. As such, greater data use needs to be balanced with the protection of privacy rights and ethical use.
The strategy is designed to unlock the value of data for the benefit of New Zealanders. It will start by directing activity in focus areas to deliver the most impact:
Focus area 1: Invest in making the right data available at the right time
Focus area 2. Grow data capability and support good practice
Focus area 3. Build partnerships within and outside government
Focus area 4. Implement open and transparent practices
This strategy is an initiative designed to emphasise the value of data and information in the country.
