Author: Mr.Fitri Abdullah, Managing Director, Oracle Malaysia
Data tells important stories, and understanding those insights can positively impact a business’ bottom line, its operations and the experience of those they interact with. Research shows that there is a direct correlation between having a connected data strategy and the success of a company. Organisations that have seen significant revenue growth (20%+) in their organisation over the last three years are more likely to have completed data protection initiatives, connected systems initiatives, or intelligent automation initiatives, than those organisations that have witnessed a decline in that same time. In fact, according to the Economist, the new most valuable resource is no longer oil but data especially in this new digital economy.
The Malaysian government has also committed itself to drive developments in several key digital areas including data initiatives – including cloud, Internet of things, data analytics, cybersecurity, data centre, e-commerce and artificial intelligence, which pivots the future of Industry 4.0 and Smart City development.
Many companies today have built a voracious appetite for data and insights. They demand information at their fingertips, but face the growing complexities of data ingestion, data processing, data management, and data security. Here's where most companies find their dreams for agility becomes challenging.
Cracking the Code towards a Successful, Comprehensive Data Strategy
The opportunities that cloud creates are real and present today, providing the building blocks for companies to pioneer groundbreaking innovations and disrupt entire industries as seen by born in the cloud companies like Grab, ShopBack, Carousell and others. Today, we’re already seeing organisations across various industries use AI for automatic forecasting without human intervention, to smart manufacturing utilizing real-time IoT data for equipment optimizations.
An increasing number of businesses in Malaysia are turning to Oracle Autonomous Database to gain deeper and more meaningful data insight, faster than ever before. This includes Johor Port (JPB), an integrated multi-purpose port facility, which constantly receives a steady flow of goods through its 24 berths. To cater more demands in this highly competitive market, the organisation decided to move from manual processes to gathering real-time data insights for overall improvement in operational efficiency to improve its overall competitiveness.
Second-generation clouds enable highly complex workloads and mission-critical systems deliver better guarantees for security, continuity, control, agility and price performance. In addition, Second Generation Cloud provides access to innovations spanning autonomous database, AI, machine learning (ML), blockchain, IoT, and human interfaces. Ultimately, IT organisations will have the confidence and new capabilities to completely rely on the cloud for their mission-critical operations.
Empowering business users from the front office to the back office
Today’s modern business is connected, intelligence-driven and pulls the future forward by harnessing emerging technologies such as social, mobile, analytics, Big Data, Internet of Things and AI to not only address current market demands but to revolutionize for tomorrow.
In a recent IDC survey, 97% of “digitally determined” organisations want fully connected processes across their entire business but in reality, only 5% were fully integrated. These organisations (have higher maturity in their modernization efforts) cited benefits around revenue, efficiency, and operational insights when connected processes were put into practice.
Functional and data silos of the past simply cannot support a modern business. Today, every business process needs to be connected and the power of the organisation’s data unlocked to flow seamlessly through end-to-end transactions.
AirAsia, for example, has automated and standardised its finance and procurement functions by leveraging Oracle ERP solutions. In doing so, the cloud solution connects AirAsia’s distinct lines of business to enable smoother operations and improve decision making. As a result, this freed up time originally invested into mundane operational tasks, which can now be re-directed into focusing on business growth.
The benefits of a unified ERP and HCM Cloud have never been clearer. With connected and scalable Modern Best Practice processes that leverage next-generation technologies, and that are built into Oracle’s ERP Cloud and HCM Cloud, organisations can quickly become the transformative and collaborative business of today and the agile and innovative business of the future.
Making sense of the data: Discovering insights with analytics
Data is flooding in from various sources—mobile, computers, servers, wearables, and IoT devices—leading to a rise in unstructured data. Add to that the changing regulations, and most businesses are unable to process and analyze all the information that is available to them. As a result, they often make critical decisions relying only on subsets of data and miss out on potential growth opportunities.
This is where prebuilt analytics applications come in —the next big wave of innovation for analytics and business intelligence. These are role-based applications that deliver insights in the context of a business person's role and they include both in-the-moment metrics as well as forward-looking KPIs.
In the past, IT was tasked with providing the data and analyses the lines of business needed to answer their questions, but the process took time and effort—often too much time and effort. Today, business analysts have taken the lead with self-service business intelligence (BI) tools for performing their own analyses. But, they still have to find the data, cleanse it, and mash it with other sources of data before they can even begin to answer questions they know about, never mind the ones they haven't even thought of yet.
The future of analytics is self-service access to intelligent insights. By leveraging embedded machine learning and integrating analytics, intelligent insights present the right information to the right people, at the right time, using a device of choice. With a comprehensive strategy in place, organisations can look forward to unlocking endless possibilities that can positively impact their business, employee and customer experience as well as be empowered to do their best to positively impact their communities.