Data Analytics Gets Excited!
With the NSW Government’s early August announcement of its plans to establish a whole-of-government data analytics centre and formation of Data 61, data analytics gains increased prominence in the business community.
“Data is one of the greatest assets held by government, but when it’s buried away in bureaucracy it is of little value…..Data analytics has been used successfully in jurisdictions like New Zealand, New York City and the State of Michigan to improve the lives of citizens through better targeted and more coordinated government service delivery,” NSW Minister for Innovation and Better Regulation Victor Dominello said. Researchers from CSIRO’s Digital Productivity flagship and NICTA will come together to form a new CSIRO entity called Data61, led by the successful and influential Australian technology entrepreneur Adrian Turner. These developments add to the excitement to local IT industry and data science in recent months.
Working quietly to advocate is the Data and Analytics SIG of its industry body, the Australian Information Industry Association, which was formed in May 2015 with the purpose of supporting and influencing government and businesses operating in Australia to maximise the use of data in their decision-making processes at all levels of an organisation for the benefit of the Australia economy and society. The SIG is chaired by Roger Kermode, who is keen to leverage the SIG platform to provide thought leadership on the effective use of data and analytics in businesses, both big and small.
A recent HBR article on How to Live with Risk suggested that 86% of loss of market value was about strategy while only 6% of auditor time was directed towards the understanding of it. We believe that this could be due to a lack of understanding about data, analytics and their impact on strategy. Data Science should be deployed to look into better informed strategic planning and the mitigation of risks.