09 September 2016

How to use data for evidence decision making

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Australian companies are trying to focus on extracting the financial value from the customer they generally collect in the course of their operations. Big data analysis or the mining of extremely large datasets to identify trends and patterns is fast becoming business practice. Global infrastructure technologies has also matured to an extent, the reliability, speed and security are all typically robust enough to support the seamless flow of massive volumes of data.

What are the strategies that allow companies to navigate this rapidly changing landscape and succeed at the business of data?

Companies increasingly perceive data as a strategic resource and many are already generating revenue from the data they own.

Data has become a strategic asset in all aspects of government daily operations. Now more than ever, there is enormous opportunity for agencies to leverage analytics to gain new insights and innovate in ways agencies couldn’t before. Big data is changing the way government agencies interact with the citizens for which they serve. While public sector agencies recognise data as a strategic asset, many are still struggling to accelerate agency performance with actionable data.

Multiple barriers confront companies working to generate real revenues from the data they own including security concerns and regulatory restrictions. What are the best ways to successfully overcome these barriers?

CEO of Datacoup Matt Hogan, “There are certain industries like finance and advertising are further along  from a data analysis and utilisation stand point, and can consume massive quantities of data to inform or instruct on business decisions,”

Rosaline Chow Koo, Founder of ConneXions Asia says evidence based decision making is the way of the future. “Without data how do you make the decisions? It’s otherwise just an anecdote from whoever speaks the loudest,” said Ms Koo.

Research shows that perhaps some anxiety around sharing data and changing the mindset of individuals towards data.

 “Currently in the world people are not used to taking a step of aggregating their data and selling it. I think if we can get people of the hurdle one way or another to be comfortable with their process to lead to a far better data interaction in the long run,” Mr Hogan said.

While government agencies should do more to integrate data considerations into their strategic planning, investment and growth initiative - used in the right way, data has the potential to benefit companies and their customers alike. 

The best part of my job as an Assistant General Manager – Production is to create and manage my own conferences from concept to delivery, identify future conference topics as well as giving me a chance to expand my business card collection. Having a bit of a sweet tooth, you will always find me having lollies on my desk or you will catch me browsing on fashion sites during lunch breaks.

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