UAE's CIOs discuss challenges in data analytics
The 4th CIOMajlis focussed on "Advanced, Pervasive and Invisible Analytics"
Organisations in the public and private sector are undertaking initiatives towards digital transformation and using data analytics to enhance performance, according to senior chief information officers.
During the 4th CIOMajlis, which focussed on "Advanced Pervasive and Invisible Analytics", more than 250 UAE CIOs from different industry sectors, including oil and gas, infrastructure, logistics, finance, energy and IT, brainstormed on the emerging challenges and opportunities with the rise in volume of data generated by embedded systems.
Ankit Bisht, associate partner at Mckinsey and Company and Gerry Aue, expert associate principal, explained the numerous ways in which data analytics can help capture significant opportunities and efficiencies.
"The UAE's vision 2021 is a driving force leading companies towards digital transformations and innovations. Both government and private sectors are creating proof of concepts and implementing advanced analytics use cases to support strategic and operational decisions. The momentum has only begun and many future initiatives, especially those needed to achieve UAE's smart vision, will require private and public sector to work in close partnership with each other," said Bisht.
Aue added: "Organisations can gain in profitability, quality improvement, customer service, productivity, opportunities, and revenue areas identification, based on using advanced analytics for decision making."
According to a recent Gartner study, analytics will take centre stage with the increase in the volume of data generated by embedded systems and as vast pools of structured and unstructured data inside and outside the enterprise are analysed.
Experts point out the need to effectively manage huge volumes of data being generated through IT, social media as well as wearable devices and use the right data according to the requirement of an organisation.
"There has to be a clear focus driving by use cases that make business sense. A company should link technology to this use cases. They also need to effect change in mind-sets and be ready to manage the changes that arise as a result," added Aue.
Ali Abdul Aziz Al Ali, vice president IT at Abu Dhabi National Oil Company (ADNOC), said: "There is a clear shift in the mind-set in the region in terms of implementing smart measures to enhance operational efficiencies and deliver."
He explained how, ADNOC, which records millions of transactions on a daily basis, has used data generated through different of data being generated through different modes- social media, mobile and others, keeping customer experience at heart and brought effective changes that have helped it enhance customer experience.
Abdulqader Obaid Ali, CEO at Smartworld, said: "Data analytics is a highly relevant topic as companies across the UAE embrace latest smart measures in line with the vision of our leadership. By bringing CIOs from different sectors on a common platform, we are witnessing a highly learning and productive exchange of ideas and knowledge that will have a definite positive impact leading companies to higher profitability, better customer services and enhanced efficiencies."