In today’s era of information-based competition, banking
executives are increasingly looking towards big data to maintain their
In the retail banking area, there has been weak recovery
following the 2008 financial crisis. General market growth has been modest,
while the low interest-rate environment and new online market entrants have
further compressed margins. It was always important to retain and expand existing
customer relationships. But now it is critical.
Just when getting to know your customers better has become
an imperative, face-to-face customer interaction via traditional branch networks
is going down, as customers migrate to online banking.
Big Data analytics can help by enabling “Hyper Personalised
Experience” at an unprecedented scale. Building on the investment in CRM over
the last decade, newer technologies are available today to capture, analyse,
and scale customer information, and predict cross-selling opportunities for
For this, the customer information footprint has to expanded
from across internal transaction systems (i.e. “360 degree” view) to include
data from the web, mobile devices, chat and messaging services, and social
media to provide a “720 degree” view of the customer. Though the full “720
degree” view may still be a while away, incremental benefits can be obtained
from increasing the depth of information available about the customer.
The goal is to determine the best possible product/pricing
combinations to offer to customers, through the right channels, at the right time,
so as to optimise both the value provided to the customer and the value of the
relationship to the bank.
increasing data volumes
New York headquartered Novantas
is a leading provider of analytic advisory services and technology solutions
for financial institutions, including banks, brokerages and Fintech companies.
It provides information, analyses, and automated solutions that improve revenue
generation — across pricing, product development, treasury and risk management,
distribution, marketing, and sales management.
In the deposits space alone, it helps optimise returns for
trillion of deposits on its client’s balance sheets. Novantas focuses on
“customer science” and helps clients develop a deeper understanding of their
customer needs and behaviours. It helps translate those insights into rapid and
sustainable improvement in revenue, growth, credit quality, and profitability
with proprietary tools, analytics, technology solutions, and scoring models.
Hank Israel, director of Marketing, Propositions, and
Products at Novantas, said, “We help our clients solve practical, pragmatic
business problems, such as identifying pricing and prospecting opportunities
that can improve customer acquisition. As the market evolved, we had to expand
the customer attributes we use and leverage AI [artificial intelligence] to
find ways to bring raw data together and derive new insights.”
However, to take its analytics to the next level, Novantas
had to modernise its data platform. Traditional systems could no longer be used
with the increased volumes of data coming in. They also needed to process and
analyse a greater variety of data, such as audio from call center recordings
and unstructured text in payments transactions data. For example, by using
natural language processing (NLP) to analyse call center recordings, Novantas could
gain insights into customer sentiment on products and promotions.
There were requirements for real-time or near real-time
analyses and also, simultaneous evaluation of many periods.
self-service customer journey analytics solution
To address these issues, Novantas built a self-service
customer journey analytics solution, called MetricScape, on a
Cloudera-based Hadoop and Spark cluster.
The platform integrates customer accounts and transactions
data from more than 30 institutions with third party data, and applies machine
learning models to operationalise customer scores, such as customer
potential value (CPV), for a variety of use cases, including offer optimisation,
customer retention targeting, and cross-sell and upsell activities.
More than 1,000 business metrics per customer can be analysed
with sub-second response time. The system can look at five years of data for
six million customers and obtain insights within minutes.
Novantas deployed Cloudera on both Amazon
Web Services and on-premise, to cost-effectively manage variable
workloads as required. The organisation was able to monetise its new solution
in only six months. This was 18 months earlier than originally projected.
MetricScape acts as a librarian for customer and financial
data metrics, providing a business metadata governance layer that tracks things
such as data lineage, definitions and dependencies. Its analytical workflow
helped a team of data scientists pull together relevant data sets for analysis.
It allows banks, in general, to look at customer account histories, the results
of previous marketing campaigns and other data to segment millions of bank
customers based on their likely responsiveness to planned promotional offers.
While all machine learning models and metrics are ultimately
stored in Novantas’ MetricScape solution, IT staff wanted to give their data
scientists the flexibility to choose the tools they used to create the models.
So data scientists at Novantas use Cloudera
Data Science Workbench as their core development environment. This
enables them to use whatever language they want to develop metrics and models
and plug in their own libraries into this secure environment. Once the models
are production-ready, they can then easily move them into MetricScape for use
deployment of initiatives
The MetricScape solution provides a new level of
precision-targeted pricing, to reach different groups of customers, such as
those for whom price will drive incremental volume, and also those for whom the
persistence of the deposit and/or utilisation of the credit will yield positive
economics over the estimated lifetime of the balance (including the incremental
cost of the incentive).
The solution has provided new opportunities for customer
acquisition, through digitally refined targeting to find prospects with similar
profiles. This has reduced the reliance on broad campaigns that erode value by
paying incentives where they are either not required or where the customer’s
behaviour will likely not deliver the intended economics.
Having identified target populations based on the
appropriate offer (price or otherwise) for balance consolidation, the system’s
machine learning capabilities equip the bank to rapidly test multiple
dimensions of offers (price level, channel, message, conditions) against target
populations, not only to optimise who should get an offer, but also to pinpoint
which type of offer is the most economic over time.
At one major US bank with 10 million+ customers where this
solution has been implemented, marketing execution costs were reduced by 50% by
focusing on high potential customers. Focus on incremental accounts went down,
lowering promo expense by as much as 60% and 12-month deposit growth by less
than 25%. Reduced requirement for retention offers reduced promotion expense by
10% and balance retention by only 3% with nominal change in customer retention.
The Novantas solution has thus enabled banks to make their
deposit business more profitable by leveraging big data and analytics
technologies and techniques. Their models combined with the Cloudera Hadoop and
Spark’s ability to store and process massive amounts of information at a low cost,
have enabled banks to granularly target customers based on their responsiveness
to price and the likely retained value from that offer.
These capabilities open up new opportunities for banks and might
prove critical in an increasingly competitive environment.
The global spread of COVID-19 has been a disaster of unparalleled proportions. Not only has it halted the world economy, but it has also made even the most optimistic leaders reconsider how soon things would return to how they were before the outbreak.
Even as the pandemic disrupted businesses and services around the world, a sudden and dramatic increase in internet consumption was observed. Businesses had to shift to digital communications and tools as the key medium for maintaining productive and interesting relationships with their many stakeholders – internal and external.
While the private sector was quicker to alter procedures in the early phases of the pandemic, the public eventually successfully adapted and innovated to continue citizen service delivery. Of course, early on, most governments rapidly put into place digital communication and emergency response platforms.
By allowing users to access their data and applications from any internet-connected device, cloud computing expands the scope of digital transformation beyond simple technology adoption to encompass a comprehensive redesign of all related procedures, resources and user interactions.
The cloud and digital transformation are now inextricably linked. Organisations across the board need to adopt a cloud-first strategy if they want to ensure the longevity of their operations and realise their transformation objectives.
Most organisations and agencies have benefited from the digital change, but some industries are behind the curve. To keep up with the fierce competition in their industries, they must guarantee the reliable operation of the cloud communication platforms that serve as a direct line of contact between the organisations and their consumers and aid in the promotion of their offerings.
The OpenGov Breakfast Insight on 25 November 2022 at M Hotel Singapore provided Singapore’s public, education, financial and healthcare sectors with the advantages of the most recent cloud technology.
Simplifying Things via Cloud Communication
Mohit Sagar, CEO & Editor-in-Chief, OpenGov Asia believes that the cloud has transformed the way organisations communicate, cooperate and carry out many other critical business and service functions.
Cloud communications are voice and data communications solutions that organisations employ to manage cloud-hosted applications, storage and switching.
“Cloud communications services are becoming an increasingly intrinsic choice for organisations looking to streamline their operations and enable their remote workforces to stay connected and productive,” observes Mohit.
Cloud communications enable organisations to interact with their employees and customers over many channels, including email, audio calls, chat and video. All of these leverage internet-based connectivity to minimise faulty connections and lag in communication.
This communication model has become the go-to option for addressing the growing need for efficient internal communications in the hybrid workplace. As numerous workers are returning to the office, and for many of those who have remote work capabilities, hybrid work arrangements are swiftly becoming the new standard.
Organisations are figuring out ways to make hybrid work as interesting and effective as they can. Leaning into what is working, changing what is not working and adapting as lessons are gained are the first steps in creating an effective hybrid strategy, work environment, and culture.
Employee access to the system from anywhere on any device is the need of a mixed work environment. Regardless of the apparatus they are using or their location, employees need to be able to connect to the system.
“User-friendly features in cloud communications make it simpler for staff to become used to the technology,” Mohit explains. “Up until now, better work-life balance, more effective time management, control over working hours and location, prevention of burnout and higher productivity have been the main benefits of hybrid work.”
Having the appropriate tools to be productive at work, feeling less a part of the organisation’s culture, poor cooperation and relationships, and disturbing work processes are some of the biggest obstacles to hybrid work.
Apart from the initial expenditure, virtual meetings result in reduced expenses because of the decline in maintenance and transportation costs. Moreover, integrations of cloud telephony enable companies to place and receive calls from any device that is connected to the Internet.
This means that cloud communications can potentially maximise resources for organisations. Procedures, implementation and adaptability can all be accelerated with a cloud communications strategy, which also offers limitless high-volume information transmission.
According to Mohit, cloud communications must have robust security components to ensure compliance with data privacy laws and the security of all stakeholders. “To assist in safeguarding data in the cloud, emerging cybersecurity tools should also be taken into account.”
These include Artificial Intelligence (AI) for IT Operations (AIOps) and Network Detection and Response (NDR). Both programmes gather data on the security and stability of cloud infrastructure. After data analysis, AI notifies administrators of any unusual behaviour that might represent a threat.
Ultimately a well-thought-out cloud communication strategy with strong security features can serve organisations and gain a competitive advantage in an increasingly digital landscape and VUCA environment.
According to Lucas Lu, Head of Asia, Zoom, if communication fails to give the greatest possible experience, everyone suffers – from employees to consumers to investors. And neglecting to address this essential avenue has ever-worsening implications.
Organisations are going through some significant changes, he explains. The first is in the general business environment. Organisations are under tremendous pressure to boost efficiency, adapt fast as competition rises and keep up with the rapid pace of innovation and technological advancements.
This problem is becoming even more pressing because of economic uncertainties. Furthermore, solving these problems requires effective communication between consumers, prospects and staff.
The workforce is likewise seeing a paradigm shift. People desire the option of remote employment and are asking for the cutting-edge equipment and communication systems they need to do their jobs.
HR managers concur that a high-performing workplace’s future requirements would include collaboration, regular communication and a mentorship culture between managers and teams. “You run the risk of losing the ‘War for Talent’ if you don’t deliver,” Lucas asserts.
With every new tool and software that is made available, communication becomes more difficult and complex. Employees, clients and potential consumers are just a few of the stakeholders who have preferences and expectations about how, when and where they conduct business.
Due to this, many businesses choose their battles carefully when it comes to facilitating communication. They follow a variety of routes, including:
- Maintaining already-established systems that are deemed adequate
- Making use of the fundamental, built-in communication capabilities that are provided with other software packages, even if they don’t entirely satisfy the organisation’s demands
- Using different approaches based on the circumstances. You might, for instance, employ one communication tool for internal cooperation and another for clients, investors, and outside events
“All these strategies are meant to provide organisations with fundamental communication,” says Lucas. “These methods provide some flexibility, but they also change the environment for prospects, employees and consumers. People are compelled to alternate between various options based on their needs as a result.”
This causes unneeded annoyance, rework, expenditures and misunderstanding. Employees may feel alienated and impatient. Customers’ interactions with the brand are disorganised and unprofessional. And various instruments frequently make business slower.
In this uncertain business environment, organisations that can move beyond basic communication into universal communication have extraordinary potential. They can develop intuitive connections to all parties, employees, customers and investors, regardless of location, technology or business activity.
This will be accomplished by integrating the individual and organisational connection demands that will result in a) Delivering a consistent and quality experience for all participants, b) Making human connection effortless, and c) Enabling rapid innovation to maintain relevance.
These results may:
- Satisfy both the primary business requirements and the consumers’ expectations
- Redirect internal resources from managing communications to new services and capabilities; and
- Increase the marketability and perceived agility within the organisation and in the market.
An organisation’s reputation is directly related to the quality of its communication services. In addition to the fact that employees, clients and customers can work remotely, those returning to the office do not t want to compromise on the at-home office environment to which they have grown accustomed.
Organisations must adapt to this new hybrid environment to guarantee that everyone receives high-quality service regardless of circumstance or location. Expectations are simply greater and it is unacceptable if a session fails due to dropped participants or subpar audio or video.
“With Zoom, you may use a top-notch infrastructure that is specially made to prevent failures to safeguard your company from communications disruptions. You eliminate a work-limiting unpredictability risk by doing this,” Lucas says confidently.
When communications are down nowadays, it is impossible to conduct business. Hence, organisations may provide a controlled experience by enabling their staff to work without being concerned about the underlying technology. Additionally, they can analyse the underlying cause of any problems in their surroundings and take preventative measures.
With this, employees can concentrate on their work without unneeded interruptions or ambiguity and will have faith that the communication solution their organisation has deployed will work as planned.
“Partnering with Zoom enables quick innovation to keep up with the times. You can take advantage of a constant flow of fresh features that correspond to actual user requirements,” Lucas says. “Moreover, by frequently communicating with their support group, organisations will rapidly realise what is possible.”
Fireside Chat: How to Prepare for the Transition to the “Cloud Culture”
Geetha Gopal, Head of Infrastructure Projects Delivery and Digital Transformation, Panasonic Asia Pacific believes that every day, new technologies emerge and the culture of change is driving a paradigm shift for which an organisation must be prepared.
“As the COVID-19 outbreak rocked the world and we were unsure of what to do, our investments in technology became our strength,” says Geetha.
As the trend toward digitisation of remote work transforms the traditional office culture, a cloud culture has evolved. Likewise, cloud computing has become a competitive advantage for these organisations.
Every step toward better efficiency in the manufacturing sector increases competitiveness. Because of this, the industry’s embrace of cloud communications has become a crucial turning point. Cloud communications have changed the game for manufacturing by enabling increased efficiency while lowering IT expenditures.
“Cloud computing is the future, and organisations are successfully transitioning from the traditional office culture to the cloud culture,” Geetha says firmly.
Streamlining operations using scalable technological solutions for essential tasks and process optimisation not only helps reduce costs but also frees up time for businesses to devote to value-adding endeavours.
This is crucial now more than ever as operations teams struggle to keep up with the quickening speed of product and investment strategy development being observed among clients.
The new service-focused, client-centric operating model for investment operations will be made possible by technology, data and scalability. Organisations need to realise that the greatest way to prepare for the future is to create it as they deal with this period of constant innovation.
As a result, operations leaders who are taking steps to redesign, reinvent and adapt their operations may ultimately be in a stronger position.
Geetha emphasises that collaboration, communication and connectivity are crucial for success in today’s work environment. The key to maximising these contacts is digital communication. “For efficient communication and productivity, your company primarily depends on specific systems, platforms, and applications.”
More organisations are understanding the enormous advantages of migrating their systems to the cloud as technology continues to progress. In addition to allowing organisations to remain relevant in a competitive market, innovation plays a vital role in economic growth. Innovations are required to solve key problems.
One of the tactics that may be employed to save money while maximising organisational resources and extending communication skills and reach is advance planning.
An advantage of cloud communications for aiding staff members in a hybrid workforce is the reduction in time spent travelling to the workplace. Employees can save time travelling with the hybrid model simultaneously offering the chance to be more productive.
Despite the importance of enabling technology, it is the human workforce that will not only execute the organisation’s digital transformation strategy but also ensure its long-term success.
Guaranteeing that personnel are up to the task, however, needs not only technical training but also a radical transformation in thinking and decision-making.
It is important to focus on organisational culture by changing the management programme and making concerted efforts to close the gap between the internal aspect and employees.
Organisations that are unable to develop and achieve new goals that will assist their employees and business to thrive are those that are unwilling to alter existing practices.
“The pandemic can no longer be an excuse or the reason – remote work is here to stay. If we want skilled employees then we need to concentrate on their needs – we must empower our employees,” Geetha concludes.
Lucas believes that every problem has a solution since most organisations fail to connect their strategy to their innovation objectives. “Change is a constant process, and what we say today might leave a legacy tomorrow. Any plan for digital transformation, in our opinion, must be built around digital innovation.”
The road of digital transformation must involve a competitive advantage that can only be sustained by introducing innovations and contemporary methods if it is to stay modern and please clients with cutting-edge goods and services.
For every change, there is a call for managerial backing to be successful and transformative. Zoom is happy to discuss how digital transformation budgets differ from traditional business or IT budgets to meet the demands of any organisation.
Lucas believes that cloud computing is transforming not only how many organisations access and store data, but also how many of these businesses run. It provides greater protection, flexibility, data recovery, minimal to no maintenance and ease of access.
“Although many people used to hesitate the cloud computing, they have now realised how important it has become to organisations,” Lucas has observed.
Mohit believes that changes in computers and how technologies are distributed are altering the ecosystem, especially for those who work in a hybrid environment. He encourages delegates to start establishing a strategy to utilise the cloud’s benefits for their businesses and services. “Organisations should determine the types of cloud services for which you require solutions, then meet with cloud service providers to determine the best long-term match.”
Both public and private organisations benefit from the adaptability, efficiency, scalability, security, improved collaboration and cost savings that cloud computing offers. “The COVID-19 pandemic has accelerated cloud adoption, but it is anticipated that cloud computing is here to stay, especially since hybrid work assumes a central role,” Mohit concludes.
The Ministry of Electronics and Information Technology (MietY) is deliberating on various aspects of digital personal data and its protection and has formulated a draft bill titled ‘The Digital Personal Data Protection Bill 2022’. The Ministry has invited feedback from the public on the draft Bill. The submissions will not be disclosed and held in a fiduciary capacity, to enable people submitting feedback to provide the same freely. The government has said no public disclosure of the submissions will be made.
According to a press release, the purpose of the draft Bill is to provide for the processing of digital personal data in a manner that recognises both the right of individuals to protect their personal data and the need to process personal data for lawful purposes and matters connected therewith or incidental thereto. The draft Bill employs plain and simple language to facilitate ease of understanding and is available on the Ministry’s website along with an explanatory note that provides a brief overview of its provisions.
There are presently over 760 million active Internet users and over the next coming years, this is expected to touch 1.2 billion. There is an increasing need to regulate content and data collection on the Internet.
The Digital Personal Data Protection Bill frames out the rights and duties of the citizen (Digital Nagrik) on one hand and the obligations to use collected data lawfully of the Data Fiduciary on the other. The bill is based on seven principles around the Data Economy.
The first principle is that usage of personal data by organisations must be done in a manner that is lawful, fair, and transparent. The second principle of purpose limitation is that the personal data is used for the purposes for which it was collected.
The third principle of data minimisation is that only those items of personal data required for attaining a specific purpose must be collected. The fourth principle of the accuracy of personal data is that a reasonable effort must be made to ensure that the personal data of the individual is accurate and kept up to date. The fifth principle of storage limitation is that personal data is not stored perpetually by default. The storage should be limited to such duration as is necessary for the stated purpose for which personal data was collected.
The sixth principle is that reasonable safeguards are taken to ensure that there is no unauthorised collection or processing of personal data. This is intended to prevent a personal data breach. The seventh principle is that the person who decides the purpose and means of the processing of personal data should be accountable for such processing.
The Bill will establish a comprehensive legal framework governing digital personal data protection in the country. The Bill provides for the processing of digital personal data in a manner that recognises the right of individuals to protect their personal data, societal rights, and the need to process personal data for lawful purposes.
To enhance digital-based governance, the government is getting ready to construct four National Data Centers (PDN). Hence, the implementation of data-driven policies is encouraged using digital government ideas and initiatives.
According to Semuel Abrijani Pangerapan, Director General of Informatics Applications at the Ministry of Communication and Informatics, PDN is a strategic move by the government to advance effectiveness, efficiency, the sovereignty of state data, and the consolidation of national data within the One Data Indonesia framework.
He said during the “Groundbreaking Ceremony for the Development of the National Data Centre (Strengthening of E-Government), in Cikarang, West Java, “The PDN is one of the instructions of the President of the Republic of Indonesia in order to expedite digital transformation within government agencies.
The National Data Centre is expected to result in smart and contemporary governance because the installed technology in the PDN ecosystem comprises cloud computing, big data analytics and artificial intelligence, blockchain, and the metaverse.
Director General Semuel noted that the groundbreaking represented the introduction of the Bekasi Regency PDN development project to the central government, local government, the private sector, and the community.
The establishment of PDN is also one of the primary factors boosting Indonesia’s digital innovation. Especially in the context of effectiveness, efficiency, consolidation of national data, security, and sovereignty of state information, as well as encouraging the implementation of One Data Indonesia.
The Ministry has designed four PDN development locations, including the Deltamas Industrial Estate (Jabodetabek) region, the Nongsa Digital Park (Batam) area, the new National Capital City (IKN) in East Kalimantan, and Labuan Bajo, East Nusa Tenggara.
The Ministry indicated that the initial PDN was constructed in Cikarang, West Java, namely in the Deltamas Industrial Estate region, around forty kilometres from Jakarta. The second PDN will be constructed in the Nongsa neighbourhood of Batam City, Province of the Riau Archipelago. A fibre optic network capable of connecting the area and its environs to western Indonesia already exists at this site.
The decision to locate a data centre in Batam is based on the comprehensiveness of the supporting infrastructure, which includes fibre optic infrastructure, electricity supply, water, and direct paths to the global internet backbone. IKN and Labuan Bajo, East Nusa Tenggara are slated to house the second PDN development location.
Meanwhile, Usman Kansong, Director General of Information and Public Communication at the Ministry of Communication and Informatics declared that the government intends to use metaverse technology to promote virtual tourism at the Borobudur Temple.
To safeguard the tourist attraction, Director General Usman claims that the discussion on the use of this metaverse technology began concurrently with the implementation of a ban or restriction on general visitors’ access to the Borobudur Temple edifice. According to the Ministry, using this technology allows tourists who visit the Borobudur Temple can still climb this ancient structure without being there with the help of the metaverse.
Led by the Minister of Communication and Informatics Johnny G. Plate, the Ministry is optimistic that the implementation of this cutting-edge technology will be realised. The government would also offer help and training for waste management as well as for distributing local handicrafts in the vicinity of the temple and growing tourist settlements. This tourist system has the potential to offset the pandemic’s significant economic impact on the travel and tourism industry.
Two tech companies operating within Hong Kong’s Smart Government Innovation Lab announced the roll-out of solutions that are now ready to be acquired by companies and institutions.
Solution I – Cloud-native Project Management & Collaboration Solution
A tech company under the Smart Government Innovation Lab has developed a cloud-native project management & collaboration solution called Julius. The solution is able with applications across the project lifecycle. Designed from the ground up with feedback from industry leaders, the solution enables digital transformation without server deployment.
The solution was developed to be applied in the area of City Management.
The solution employs the latest in Cloud Computing and the Internet of Things (IoT).
The solution allows users to:
- Gain control of and visibility into the customer pipeline as well as the sales and revenue situations of each project. Users can also track and manage cost vs. budget in real time; understand current progress status and stay ahead of potential risks and issues before it’s too late; enforce and evaluate against the quality standards without slowing down teams.
- Access and analyse customer and sales data on the fly; CRM functions tailored to the property sector including sales channel, commission and performance analysis; track inventories, sales velocity and payments; document full sales cycle between customer visit and contract payment to ensure smooth transaction; smart alerts on delays, returns and sales performance issues.
- Control every cost item to avoid cost overruns; manage change in real time – creating budgets that more accurately reflect where the budget stands at any moment; generate detailed financial reports to see how the spending decisions affect projected profits at close out; facilitate faster approvals, more accurate communication and eliminating the need to proceed at risk.
- Stay on schedule; quickly identify potential issues and their impact on schedule and budgets; avoid unwanted surprises with better visibility of every project task; track all steps and speed up the approval process.
- Understand and correct issues before they become a problem; built for the site, making it easy for site teams to contribute to and comply with construction safety regulations and quality specifications; all the necessary documentation, reference materials and records needed to ensure standards are met with verification methods that create accountability along the way.
Solution II – Vehicle Queue Monitoring Solution
Manual queue monitoring is a time and resource-consuming process that is prone to human errors and miscalculations. The Vehicle Queue Monitoring system uses computer vision to derive insights from the video cameras installed in the regions of interest. It analyses the traffic, calculates the number of vehicles in the predefined areas, conducts classification (taxi, public bus, private car), and notifies the user of specific scenarios.
For example, a user will receive an SMS/email alert if the queue exceeds 20 vehicles. The system also displays real-time and accumulated statistics in a web-based dashboard, tailored to the user’s needs. The Video Analytics system can be implemented in various locations that include vehicle traffic, such as car parks, tunnels, gas stations, highways, etc.
The solution was developed to be applied across the areas of City Management, Infrastructure as well as Transport.
The solution employs the latest in Artificial Intelligence (AI), the Internet of Things (IoT) and Video Analytics.
An example of the application of the Video Analytics system is in queue-monitoring in gas stations. The system can detect, classify and count the number of vehicles queueing at a gas station. Once the queue exceeds the predefined region, an SMS alert is sent to the chosen number of users informing them on the queue status. Users can view a livestream to verify the queue and take appropriate actions. Additional features include analytics services where various daily/weekly trends are recorded and presented in the form of graphs and diagrams in a user-friendly web-based dashboard.
An organisation’s functions could be severely impacted by even a single incident. Organisations need rapid data recovery from the cloud, the edge and on-premises in the event of any type of disaster, be it a natural disaster, hardware failure, data breach or ransomware attack.
The knowledge that one is as well-prepared as possible provides some solace in the face of unforeseen calamities. With the right disaster recovery tools and procedures, it can quickly and easily restore data and workloads.
Hence, organisations need a plan to immediately get back to business as usual in the event of an interruption. Given the fast-paced nature of today’s IT environments, it is crucial to maintain a state of perpetual readiness.
Many businesses and organisations are left exposed to critical events – either man-made or natural disasters – as most fundamental systems have been shifted toward IT structures and applications.
While we can manage physical defence by using survival kits – which include emergency supplies, security, and insurance – not all firms can genuinely claim to have all bases covered. Especially in an increasingly digital landscape, where threats are virtual!
It may seem obvious to have an established disaster recovery plan, but due to the complexity of the outdated replication and recovery procedures, this is often overlooked. People might assume there is one and may have even talked about it but may overlook the most crucial step – documenting the plan.
Creatively assessing the possibilities for affordably safeguarding the data in a location apart from those dangers is vital. Despite data centres’ high level of security and frequent remote locations, creating a plan is now simpler than ever to implement using a cloud-based method.
The OpenGov Breakfast Insight on 10 November 2022 at InterContinental Singapore with Singapore’s top public sector leaders offered the most recent information on the benefits of disaster-proofing an organisation through speedy and efficient data security and recovery.
The Needs for Data Backup and Recovery
Mohit Sagar, CEO & Editor-in-Chief, OpenGov Asia believes that plans for catastrophe recovery must be in place for organisations adding that the traditional backup strategies have focused mostly on the first part of the backup and recovery process.
“The backup’s objective is to generate a copy of the data that can be retrieved in the case of a primary data failure,” Mohit explains. “A primary data failure might be the result of a hardware or software malfunction, data corruption, a hostile attack (virus, malware) or accidental deletion on the part of the user.”
Backup copies enable data to be restored from a previous point in time, assisting the organisation in recovering from an unanticipated event.
Data protection demands a secondary copy be stored in case the primary copy is lost or corrupted. This additional media can be as basic as an external drive or USB stick or as complex as a disc storage system, cloud storage container, or tape drive.
To achieve the best outcomes, backup copies should be made on a consistent, regular basis to reduce the amount of data lost between backups. The longer the time between backup copies, the greater the risk of data loss when recovering from a backup. Keeping several copies of data gives the security and flexibility to restore to a point in time that was not impacted by data corruption or malicious attacks.
In addition, a single accident or mishap might completely interrupt company operations, with significant consequences. According to reports, 93% of organisations that do not have disaster recovery coverage and experience a big data loss go out of business within a year.
However, with the correct tools and disaster recovery methods, organisations can restore their data and workloads fast and easily. Through advanced technologies, policies and standards, establishing layers of infrastructure protection and controls increases resiliency and security posture.
Monitoring the environment and intelligently managing data, via a single interface, is one of the disruptive solutions to ensure the best visibility across the data to quickly identify risk exposure and coverage, data availability and business continuity across on-premises and cloud settings.
“When the unexpected happens, you must be able to swiftly restore your organisation’s operations. It is paramount to constantly be prepared, especially given the rate of change in today’s IT landscape,” advises Mohit.
According to Paul Lancaster, Director, Sales Engineering, Commvault, data is the competitive advantage in the modern digital economy. It generates corporate strategy, directs operational effectiveness, and forecasts consumer behaviour. “Data needs to be kept safe while still being always available.”
The problem is that the data is always changing and evolving as it expands, changes, and fragments into digital bits and bytes. Hence, the degree of an organisation’s success is directly correlated with how well they handle its data.
“In this situation, Commvault is useful. We support businesses in doing incredible things with their data. No matter where the data is located or how it is organised, our Intelligent data services can help these organisations become more efficient by changing how they protect, store, and use data,” Paul explains.
He advised organisations to always be prepared when calamity hits or whenever fraudsters attempt their best shot. Organisations should also be ready to take advantage of opportunities as they present themselves.
Further, Commvault offers flexibility in the deep integrations to:
- Connect (to Snaps/Replication via Intellisnap)
- Converge (roll new cyber harden backup infrastructure/stores with HSX)
- Cloudify (optimised stores for the cloud storage resources)
- Re-purpose (reuse existing open assets that still have a service life to the payoff from the prior investments)
Paul elaborated that their Control Plane offers comprehensive workload coverage coupled with key data management services to extend self-service roles so users can quickly and securely search and restore data. Data engineers working on a new analytics application can quickly call up a database clone to accelerate a new project.
Through hybrid cloud adoption, users can leverage cloud-based storage and realise the benefits of agile management, limitless scale, and cost savings of the cloud.
Commvault offers a comprehensive solution with deeply integrated workloads to simplify and future-proof. “We make the past more accessible and adaptable to the future faster and we span the solution across the customer’s full needs.”
Marcus Tan, Head of the Cybersecurity Department, Institute for Infocomm Research (I2R), A*STAR believes that business continuity refers to an organisation’s preparedness to keep delivering products and services at predetermined, acceptable levels despite a crisis.
“Business continuity plans detail how a company will operate during and after a disaster,” says Marcus. “It may include contingency plans explaining how the company will continue to operate even if it must relocate. In addition, smaller interruptions, or minor disasters, such as protracted power outages, may also be included in business continuity planning.”
On the other hand, recovering from a catastrophic incident, such as a natural disaster, fire, act of terrorism, active shooter, or cybercrime, is referred to as disaster recovery. Recovery from a disaster entails the steps an organisation takes to respond to an incident and resume normal operations as fast as possible.
“Disaster Recovery is an organisation’s plan for resuming normal operations following a catastrophic event. This is an essential part of the Business Continuity Plan,” Marcus elaborates. “And, importantly, strategies should align with the organisation’s goals.
There are various issues to be considered in terms of protection and recovery strategy. These are compliance requirements, budget, insurance coverage, resources (people, physical facilities), management’s risk appetite, technology, suppliers and data and data storage, among others.
Business Impact Analysis is the systematic process to determine and evaluate the potential effects of disruption to business operations resulting from disaster, accident, or emergency.
Risk Assessment, on the other hand, involves having to identify, examine, measure, and mitigate/transfer risks. Hence, it is important to identify critical business functions to keep the organisation going during a disruption.
The purpose of the Disaster Recovery Plan is Getting Ready (pre-disaster), Continuity (during a disaster), and Recovery (post-disaster).
Some of the key considerations of the Disaster Recovery Plan are identifying critical business processes to continue the minimum desired level of operations during disruption. It would also identify key data, storage, network and apps to support critical business processes.
There must be also a consideration of compliance with regulations, recovery point objective, recovery time objective, establishing management succession, reporting structure, roles in the event of a disaster, and budget.
A Disaster Recovery Plan should be updated when a significant change to system architecture occurs; and if it has changed in system dependencies and recovery personnel as well.
“Tools are great for making your job easier, but they can never take the place of doing the things we need to do,” Marcus concludes.
Chua Chee Pin, Area Vice President – ASEAN, Hong Kong, Japan, Korea & Taiwan, Commvault highlighted that data is getting more and more in demand. “The balance between data democracy and security is so important, hence protecting your organisation’s data is complex.”
Everyone is now aware of the significance of data, both in their professional and personal life. Digitisation, cell phones, and Internet of Things (IoT) sensors all contribute to the ever-increasing amount of data. Utilising this knowledge is crucial for both company competitiveness and empowering individuals in their daily lives.
“Commvault’s data management and protection unify and safeguard data at scale across on-premises, hybrid, and multi-cloud environments for all workloads,” claims Chee Pin. “Advanced detection, multi-layer protection, and rapid recovery against security threats, such as ransomware and data breaches.”
Mohit highlights the importance of a digital partner. External partners can be a pillar of support while facing digital transformation procedures. They are available to assist every organisation with any project based on their demands.
“They can guide you through a much broader and more sophisticated process, as they possess the necessary expertise and experience,” Mohit opines. “Partnerships can save the organisation from making unneeded errors, thus saving time and money.”
The one-year Solar Forecasting Model trial was recently completed. It was launched to anticipate solar intermittency and enhance power grid resilience. The project was developed by the Solar Energy Research Institute of Singapore (SERIS) at the National University of Singapore (NUS). It was supported by the Energy Market Authority (EMA) and the Meteorological Service Singapore (MSS) of the National Environment Agency (NEA).
The model completed its trial at EMA’s Power System Control Centre in September. It can forecast island-wide solar irradiance up to one hour ahead, with an average error rate lower than 10%, one of the lowest for solar forecasting in the tropics. According to a statement by EMA, Singapore’s power system operator, the model uses data from real-time irradiance sensors that are installed on rooftops of buildings and electrical substations across the country.
The model involves several dynamic solar forecasting techniques, including satellite imagery and machine learning algorithms. Combining outputs from MSS’ numerical weather prediction system, SINGV, the Solar Forecasting Model collects various types of data to generate solar irradiance forecasts at regular intervals from 5 minutes to 24 hours ahead of schedules.
Solar power generation cannot be moderated according to energy demand, unlike power generation plants. Solar power generation is dependent on Singapore’s tropical weather conditions, which vary due to environmental factors. This can lead to imbalances between electricity demand and supply output from solar photovoltaic (PV) systems.
The model would allow EMA to anticipate the solar power output and take pre-emptive actions to manage solar intermittency and balance the power grid. This is another step towards maintaining grid reliability as the government scales up solar deployment in Singapore, the statement wrote.
The model will also enable the electricity market to procure additional reserves or adjust the output of power generation plants and energy storage systems to increase electricity supply ahead of time to meet demand.
Following the completion of the trial, EMA is upgrading its Energy Management System (EMS) to incorporate solar generation forecasts produced by the Solar Forecasting Model by 2023. These forecasts would also be provided to the Energy Market Company (EMC), Singapore’s wholesale electricity market operator, to be factored into the market clearing process. This will generate more precise dispatch schedules for power generators to meet power system demand.
By 2030, Singapore aims to deploy at least 2 gigawatt-peak (GWp) of solar capacity, under the Singapore Green Plan 2030. A reliable solar forecasting model to predict solar irradiance will enhance the country’s grid resilience and flexibility while supporting the deployment of additional solar capacity.
The Singapore Green Plan 2030 was unveiled in February 2021. As OpenGov Asia reported, the country is keen to make a concerted effort to seek green growth opportunities to create new jobs, transform Singapore’s industries and harness sustainability as a competitive advantage. The plan aims to help more local enterprises restructure to adopt greener technologies and practices, and shift towards greener business activities. Other objectives include planting one million more trees, quadrupling solar energy deployment by 2025, reducing the waste sent to landfill by 30% by 2030, and having at least 20% of schools be carbon neutral by 2030.
During the pandemic, the financial crisis compelled everyone to seek money in diverse ways. Monthly earnings for hackers can range from millions to billions of rupiah due to the high value of illegal personal data. In addition, hackers are motivated by social and political issues. Not only does the hacking violate social norms, but it also has the potential to incite public unrest.
Security gaps on business or governmental websites make it simple for a hacker with ulterior motives to access people’s personal information. The lack of knowledge regarding digital data security and the absence of clear laws regarding digital crimes enable these individuals to continue their bad practices. Therefore, the government desires to strengthen its cyber security.
The website lapor.go.id, the government’s official information system that accepts online aspirations and complaints from the public, is another option for expressing aspirations. In addition, the House of Representatives and the Government of Indonesia have adopted the Bill for the Protection of Personal Data (PDP). It will then be forwarded to the President for ratification and publication in the State Gazette.
Indonesia is the fifth ASEAN nation to have a comprehensive legal framework for the protection of personal data, according to the Minister of Communication and Information, Johnny G. Plate. He emphasised that the PDP Law’s implementation will uphold citizens’ rights in line with the Republic of Indonesia’s 1945 Constitution.
Ratifying the PDP Bill is concrete proof that the Constitution’s mandate has been carried out. The PDP Bill will expand the scope of the government’s authority and role in enforcing and regulating the obligations placed on all public and private parties who process personal data.
Ratifying the PDP Law, according to the Minister, would boost confidence in and recognition of Indonesia’s leadership role in global data governance. He claimed that Indonesia would be the sixth ASEAN nation to have a comprehensive legal framework for protecting personal data.
Therefore, businesses and governments alike need to contribute to improving the infrastructure for handling digital data. Businesses and government agencies that deal with customers’ private information must exercise extreme caution and accountability when handling this information.
Data owners can also increase their knowledge of digital data security by taking measures like not reusing passwords, being wary of sharing personal information and avoiding questionable websites and apps. Privacy should be respected on both sides, especially when dealing with sensitive information.
In addition, Minister Johnny has commended the work of the Indonesian Parliament in passing the PDP Law. Many interested parties are waiting for the court’s decision on the PDP Bill because of its importance. The government, the police, the private sector, the internet, the platforms, the social media, and the people of Indonesia all play a part.
There will be more than 70 articles in the PDP Law, which will be broken down into roughly 15 chapters. Personal data of Indonesian users, including its collection, storage, processing, and transfer, will be the subject of these articles and chapters, which will also provide a thorough discussion of data ownership rights and limitations.
Minister Johnny has extended an invitation to all residents to participate in the development of the nation and state, arguing that the entire ecosystem of communication and IT can serve as an example and source of motivation toward the goal of digital transformation.