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Private, public sector should join forces, capitalise on big data potential

 

KUALA LUMPUR: Private sectors and practitioners are urged to synergise with the public sector and capitalise on the potential of big data analytics as the new fuel for decision making.

Minister in the Prime Minister’s Department Datuk Abdul Rahman Dahlan said efficient information management and accurate data analysis will help Malaysia keep track of its performance and effectiveness.

“We are living in a borderless world. The economic, social and cultural landscapes have changed due to the internet revolution; high volatility of information; and pressing needs for rapid, to the point and easily accessible information.

“Such changes created data revolution which plays an important part in the transition of complex data into meaningful and useful information.

“The ability to mobilise the power of data is a key ingredient for excellent decisions with beneficial outcomes. The statistical community should exploit this opportunity to harness administrative and commercial data resources, supported by appropriate methods and standards,” he said.

His speech was delivered by Deputy Minister Datuk Seri K. Devamany at the opening of the 2016 Malaysia Statistics Conference held at Sasana Kijang today.

He highlighted the fact that Malaysia is the most competitive economy from 19 other economies which are in the transition stage from an efficiency-driven to innovation stage of development and continues to be ahead of economies such as Republic of Korea, Iceland and China.

“Although Malaysia’s development plans are extensive, we are continuously identifying areas for further development and growth to ensure that our aspirations are aligned comprehensively to the post 2015 global sustainable development agenda.

“I am confident that the well-designed strategic actions and global initiatives will push Malaysia through the final leg of the advancement towards becoming a high-nation economy.

“The Strategic Intent of National Big Data Analytics (BDA) Initiative has been formulated to encompass governance mechanisms, communication plan and capacity building,” he added.

He also said that given the high degree of openness of Malaysia’s economy and the increased integration with the international financial system, it was natural that the domestic economy is significantly affected by both global and regional developments.

“Despite these challenges, Malaysia maintained a positive economic outlook and growth prospects for the economy remains,” said Abdul Rahman.

The fourth MyStats 2016 was held to provide a platform to about 500 participants to discuss and promote greater usage of statistics in decision-making and innovation, gathering experts in the field of statistics compilation.

This article was originally published on www.nst.com.my and can be viewed in full here

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