Malaysian Business team had the opportunity to attend the 7th IIUM International Accounting Conference (INTAC) on Big Data Analytics 2020
with the theme: Leading the Way with Big Data Analytics
The opening speech by Datuk Dr Mohd Daud Bakar, President of IIUM as shown below:
It is with great pleasure and honour for me to be here with you today to deliver the Welcoming Remarks for the 7th IIUM International Accounting Conference (INTAC) on Big Data Analytics 2020, otherwise known as INTAC 2020. I believe this would be an exciting and dynamic conference as it brings together industry leaders, managers, academicians and researchers to meet and share ideas and stimulate discussions in the area of big data analytics.
The theme for this year is “Leading the Way with Big Data Analytics” where I believe the organizers that comprised of the Department of Accounting, the Office of Internal Audit and Assuring Consulting Sdn Bhd are taking the lead to spearhead an exponential use of big data analytics in business sectors and academia. Thus, the conference shall provide an avenue for the participants to gain more knowledge on the importance and the application of data analytics. In addition, it is also aiming to promote analytics for every employee, action, business process and decision so that a world-class data and analytic strategy could be designed and executed.
Big Data Analytics
Technology is a tool. It is neither good nor bad. However, to what end it is implemented depend how we have designed it to suit our needs. The Industrial Revolution 4.0 is inevitable, the use of technology is growing exponentially. The amount of data being captured and stored by industry doubles nearly every year. Name it e-wallet, Boost, Touch&Go, tolls, transportations, the usage is everywhere. And imagine the data captured when we filled our details to register for these apps and so on. Big Data, it presents an opportunity to discover key insights and emerging trends in data, make business more agile, board room decisions better informed, and answer questions that have previously been considered unanswerable.
In realization the utmost benefits about big data analytics, I believe understanding of four concepts are crucial in this endeavor:
First and foremost, data need to be in order. This would involves understanding of what we have and what we need as well as process of getting the data in order.
Second, deploying the appropriate tools or any technological capabilities is important in order to learn what could be say about patterns and behavior of the data.
Third, setting the necessary infrastructure to facilitate the former two components data and tools is crucial. This include making the right decision on every aspects of data governance.
Finally, training people with the right and relevant skillsets in these areas are the most important as it would enable to get the best information from any datasets.
These four concepts are the building blocks for any successful data driven insights as these components are interrelated. Thus, we are here today in this exciting conference to gain latest ideas and insights from the experts in the field. Eventually, big data deals with large quantities of data collected which generated in the past and continues to be collected till today. The idea is to collate and process the data to gain more insights in order to make better decisions. However, there is a need to have good process of extraction, filtration and good tools to analyse the data into useful forms. The ability to harness insights into useful decisions through big data analytics could be an industry game changer. So today, I believe we shall learn and gain some ideas on the best practices from industry experts the way to develop the best data governance structure that is in line with the maturity of an organization.
Data Analytics and Business
In the era of Industry Revolution 4.0, we know that the ability to extract useful insights with big data analytics enable to change the way business is operated and improve productivity exponentially. In this digital age, technological disruption is unavoidable, as we can see how the speed of technology had taken away a significant chunk of market share. We see how data analytics improves business performance tremendously through the use of insights from customer datasets and this evolution is unavoidable as the rise of technology significantly happen particularly in food services and finance industry.
The prospect of discovering insights from combining unrelated datasets become more interesting. It’s like revealing the unexpected correlations between the datasets, for instance customers’ behaviors in different settings, and these unexpected correlations bring us closer and closer to know what is actually customers need.
On another note, we could use Google as another interesting case about analytics where blending of data has helped them understand the customer better. For instance, Google has always tracked the patterns and behaviors of its users resulting from the clicking on Google ads. It usually develops database of user profiles and search pattern and match them against the promotions available. A whole new universe of information about customer segments were developed in better use to align product offering to market tastes.
Similar methods are also used to take location data and predict the international travel patterns of respective user. Banking sector indeed would be a case where pattern of spending of a credit card was immediately pop up upon login into the website. Financial and mobile usage information can also predict probabilities of life events and thus allowing a retailer to target offers specific product line to their existing and potential customers. Thus, the list of possibilities and benefits for data analytics is endless.
IIUM, analytics and SDG
In IIUM, it is highly encouraged for IIUM community to explore the maximum utilization of analytics in the decision-making process and provision of solutions. In line with the IIUM strategic direction Humanising Education through Maqasid Syariah and Sustainable Development Goals, IIUM aims to transform the internal community through change of paradigm and mindsets. Several projects in analytics, being one of the strategic initiatives of IIUM, that are impactful should drive IIUM to become the referral centre at national and global level. Thus, it is suggested that IIUM to explore further in following:
1. Analytics should be embedded in teaching and learning across relevant courses offered in all Kulliyyahs. It should not just focus to Kulliyyah of Communication and Information Technology. The application of analytics should be matched to the course contents and with that, students would able to appreciate the use of analytics in respective contexts.
2. On the other hand, general concepts of analytics also could be offered to students in gaining an overview understanding about analytics. This could be implemented through the introduction of the skills classes to all students in IIUM. Hence, our graduates would be competent and relevant to the needs of the current market.
3. With regards to administrative staff, the utilization of analytics should be applied in all decisions and similarly, more impactful solutions could be offered. Hence, it is important to educate all staff the knowledge of analytics, as this would improve productivity hence performance of the University. For instance, in recognizing students or even IIUM community that fall within the category of B40, IIUM Endowment Fund might want to analyse data on students using analytics.
4. IIUM should be center of excellence in analytics which could be facilitated through collaboration with corporate sectors. In line with the theme of the conference, IIUM should lead the way in promoting greater usage of analytics in all aspects, more high impact research and innovation as well as good practices in data governance.
All the above initiatives should support the achievement of balanced graduates and balanced staff which definitely could ensure the institutional stability in long term. Istiqamah in doing it, is a must. Ultimately, IIUM community should change the paradigm and mindsets into leveraging greater usage of analytics and provide more impactful solutions to internal and external community. Likewise, the digital transformation and greater engagement in analytics should align towards sustainable development goals.
In moving forward, everyone recognizes the importance of data analytics in making the best-informed decision. This would require coordinated action by range of stakeholders within the business circulation as well as external parties. In line with the rapid development of Industry Revolution 4.0, everyone could not avoid the need to learn and apply big data analytics in daily activities.
In conclusion, I would like to express my appreciation to all of you for your support and presence here today. Thank you to all participants (from the industry, government agencies and higher learning institutions) for taking some time off from work to attend the conference today. To accounting bodies; Malaysian Institute of Accountants and Institute of Internal Auditors Malaysia, thank you very much for supporting our events. I also would like to extend our appreciation to our sponsors; Bina DarulAman Berhad, Bank Islam Malaysia Berhad, Standard Chartered Saadiq, Adam & Co., ACCA, ICAEW, Salihin Consulting Group and MyAngkasa Emas Medicare, Bank Pembangunan Malaysia Berhad, MICPA, Galvanize Singapore, and Amanie Academy, thank you very much for your generosity. Finally, to the organizers, I applaud the initiative of the organizers in promoting big data analytics and this conference shall be a good platform to share ideas and discuss issues in enhancing the application of analytics in various business sectors and functions. I trust that all of you will have very stimulating and instructive exchange of ideas and take home further inspiration on how to foster the necessary change in your own organization.
With that I officially announce the opening of the 7th IIUM International Accounting Conference (INTAC) on Big Data Analytics 2020.
I wish all of you a fruitful day ahead. Thank you.
