Data is the new currency, yes, but ….

In 2022, the Government launched the National Data Sharing Policy (NDSP), a visionary policy that transcends boundaries, encompassing the public sector, the private sector, and the Rakyat. This policy holds the key to fostering a data-sharing environment that is not only conducive but transformative.

To raise awareness and gather valuable feedback, we have initiated the NDSP Series – a collaborative effort by the Malaysia Digital Economy Corporation (MDEC), Malaysiakini, and Digital News Asia (DNA), with the support of the Ministry of Communications and Digital (KKD).

This series aims to educate the public about the benefits and challenges of data sharing while gathering opinions and suggestions to enhance the policy and its implementation. Your active participation in these discussions will be instrumental in shaping the data-sharing practices in Malaysia, leading us toward a secure and dynamic digital world.

The 4th Episode of the National Data Sharing Policy, Karamjit Singh, CEO of Digital News Asia, engaged in a discussion with Sharala Axyrd, Founder and CEO of The Center of Applied Data Science (CADS), Bernard Sia, Chief Information Officer at Manulife Malaysia, and George Chua, Chief Data Officer at QSR Brands. Together, they tackled the prominent challenges that organizations encounter when managing data in Malaysia and beyond, while also exploring strategies for harnessing data to generate value.

Redefining Business Strategies in the Age of Data: Navigating Data is the New Currency

The discussion quickly delved into the first question: "Data is the new currency, yet, what is the"but "? Bernard Sia emphasized that it"s not just data that needs a paradigm shift, but every single element requires a different way of thinking. From a personal perspective, he stressed the importance of organizations fostering a spirit and mindset that are intensely curious about their customers. Without this curiosity, everything remains one-sided. He emphasized the need to build a sustainable business based on meticulous interactions and observations. To achieve sustainability, a delicate balance must be struck between the premium received from customers and the claims made.

Sharala Axyrd highlighted that for a considerable duration, efforts have been aimed at convincing companies about the significance of recognizing data as the new currency, given its inherent value, widespread use, and potential pitfalls. She stressed the importance of fostering a mindset of responsibility and ethical use of data, urging for more extensive discussions on this topic to comprehend the consequences and avoid any form of abuse. While acknowledging the dark side of this new currency, she also emphasized the substantial benefits it brings; “People have evolved in their understanding, becoming more optimistic. Malaysia’s initiative in launching awareness campaigns in this regard is a positive development.”

Optimizing Organizational Decision-Making: The Role of Data Quality and Governance

George Chua delivered a remarkable presentation, focusing on the critical role of data in enhancing decision-making within the organization. He emphasized how data manipulation affects the organization’s efficiency, particularly in terms of the quality and speed of decision-making. Chua highlighted the direct correlation between faster decision-making and higher quality outcomes, emphasizing that data is just one component in this complex process.

He then outlined seven key factors for improving decision speed and quality, including involving relevant individuals, reducing options, setting clear objectives, maintaining emotional neutrality, minimizing the time and cost of information gathering, making reversible decisions, and lowering cognitive effort. Chua concluded by advocating for the implementation of data governance as a means to provide people with access to high-quality information.

Navigating Data Sharing and Regulations: Balancing Privacy and Value Creation

Bernard Sia then discussed the intricacies of working with regulations, highlighting that the primary purpose of these laws is to safeguard individuals from data exploitation. He touched upon critical aspects such as data protection, retention, and whether data can be shared externally, emphasizing the necessity of adhering to standards like PDPA and insurance regulations. He stressed the importance of collective teamwork in conjunction with regulations to facilitate responsible data sharing and mentioned the need for sufficient time to assess and mitigate risks effectively; “Despite the challenges, data sharing can create substantial value when approached conscientiously and in compliance with regulations.”

The next question was answered by Sharala Axyrd; she emphasized the importance of fostering data literacy skills within companies, emphasizing the need to democratize these skills across diverse student backgrounds. She mentioned that universities are also taking steps to incorporate data education into their curricula. Furthermore, Axyrd highlighted the significance of data visualization in enhancing data comprehension and decision-making.

When asked about the most effective method for data collection and analysis, Bernard Sia emphasized the importance of building capabilities through reskilling and acquiring new skills. He noted the challenge of knowing where to begin and stressed the significance of cultivating a mindset for data collection. He also highlighted the value of applying these skills to visualize data stories and actively listen to the data. He underscored the need for expertise in data visualization to effectively articulate, explain, and capture attention with data-driven insights.

The Role of Artificial Intelligence in Enhancing Work Quality and Why It Shouldn"t Be Banned

Sharala emphasized that artificial intelligence enhances work by improving quality rather than replacing it. She noted that while AI can assist, the hard work required for tasks remains essential, highlighting the importance of companies not banning the use of AI.

George Chua echoed the sentiment by emphasizing the challenge of hiring the right data specialists with relevant qualifications, underscoring the difficulty in finding individuals with the necessary attention to detail and data quality focus. He pointed out that these qualities can be challenging to teach and suggested that when hiring, organizations should seek individuals with compatible personalities and mindsets for the role.

The talk concluded with Karam recommending the LinkedIn course, but hiring managers expressed doubts about whether certified individuals could effectively execute projects.

Watch the full webinar HERE on Data is the new currency, yes, but ….

This article is provided by KiniEvents