Big Data & AI World 2022 to discuss the challenges of data transformation
As companies focus on improving operational efficiency, they grapple with messy data in disparate silos, changing regulatory environments and governance priorities. 87% of financial services organizations in Asia-Pacific (APAC) are frustrated trying to use their data to make decisions, according to the latest study from InterSystems “Key Data and Technology Challenges in Financial Services in Asia-Pacific”.
This major concern will be addressed at the Big Data & AI World 2022 event to be held on 12e at 13e October 2022 at Marina Bay Sands, Singapore. It’s the 5e edition of Asia’s most exciting big data, analytics and artificial intelligence event. The award-winning event connects data and AI innovators, technologists and business leaders, to help them make data-driven decisions and intelligently shape their business.
Many Asia-Pacific (APAC) companies are trying to transform into data-driven organizations. However, this is proving to be much more complicated than their leaders anticipated and providing the right data to meet critical business needs is becoming increasingly difficult. Volumes and varieties of data are often spread across multiple systems within an enterprise and may be stored in inconsistent formats with different naming conventions. The main challenges are to ensure that the data collected is accurate, to make sense of it and to turn it into practical and innovative solutions.
Kenneth Kuek, Country Manager at InterSystems, Singapore will address these issues in his keynote presentation titled “The Data Management Secrets Behind Successful AI Initiatives”. He will share his insights on data transformation and how organizations can unleash their true potential to innovate and become more productive and agile.
“Everyone talks about being data-driven, but very few are actually able to practice data-driven decision-making. While many institutions in APAC strive to offer the best value- prices to customers and want to respond quickly to critical business needs, they struggle with data silos and outdated data,” said Kuek.
Based on the same 2022 InterSystems survey of APAC financial services business leaders, 98% of organizations acknowledged that there are data and application silos within their organization, but when it comes to priorities, only 54% are looking to master data management in the next 12 months across APAC.
“It has a much bigger impact on their business than most companies realize, because leaders don’t have real-time information and therefore have to make assumptions. It is also difficult for them to have a clear view of the risks at the enterprise level. Dysfunctional data management also means loss of competitive advantage and difficulty in complying with rapidly changing data regulations,” Kuek Underline.
To complicate matters further, many businesses in the region paradoxically want more data when they are already struggling with current data management. APAC is set to be the fast-growing economy at the forefront of the global digital landscape, with data transformation being a key driver. But the risk is that instead of providing a competitive advantage, data becomes a burden due to various barriers. These include data skills gaps, data silos, manual processes, business silos, and data privacy and security weaknesses.
“However, among these challenges lies an opportunity. Building a truly efficient ecosystem and transforming the way businesses use data will unleash its full potential. The first three steps to prioritize in data transformation are to replace legacy systems, access real-time data, and improve regulatory compliance,” added Kuek.
Big Data & AI World 2022 attendees can learn more about solving data transformation challenges during Kenneth Kuek’s keynote during the AI Theater Session on the first day of the event. InterSystems is a next-generation solutions provider dedicated to helping customers solve the most critical data challenges.
On day two of the event, Kuek alongside InterSystems Sales Engineer Bryan Hoon will lead a 60-minute interactive workshop on “How next-generation architectures drive trusted business insights and innovation”. They will walk attendees through some of the biggest projects InterSystems is working on to unify multiple sources of data, providing teams with complete, real-time visibility when they need it most to make strategic decisions.
Attend InterSystems’ talks at Big Data & AI World 2022 and register now at www.bigdataworldasia.com
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