Written by Stephen Chow, Co-Founder and CEO
Artificial Intelligence. Data Analytics. Risk Management – these are the terms and phrases we often hear today, especially as leaders grapple with growing their business in today’s digital world. But are we effectively using technology to springboard our way into solid business impact?
We can all agree that digital transformation is important. Microsoft and IDC Asia recently estimated that digital transformation in the economy will add US$10 billion to Singapore’s gross domestic product (GDP) and increase GDP growth at an annual rate of 0.6 per cent by 2021. More than economic growth, studies have revealed that 26% of new jobs would be created as a result of digital transformation.
However, it is important to note that at the heart of digital transformation is a secret weapon, namely, data. We now know that data can be used to drive insights and decisions, although the process can be a complex one.
Before getting to the insights, data analysts must first swim through the pool of data to identify the right sources that are most suited to the job at hand. Then begins the tedious process of sifting through data, where errors in the data are rectified and bad data is thrown out. There is also a need to standardise data into the same format, a common step today known as dataworks in siloed environments – functioning solely within different systems or platforms.
This process is not only time-consuming, but wrestling with poor quality data has cost the US a mind-boggling US$3.1 trillion in 2016 alone. Beyond operational costs, businesses can also suffer huge losses that could have been avoided with the help of data. Since 2012, Standard Chartered Bank has dished out US$1 billion in fines for money laundering compliance failures, most recently facing a S$5.2 million fine from the Monetary Authority of Singapore (MAS) for similar issues. With data, there is a higher chance that these transgressions could have been spotted and nipped in the bud at an earlier stage.
Today, the use of data is no longer a question of “should we or shouldn’t we”, rather, “how”. We can go into the details of the technology that drives the data journey, but I’m more interested in providing a solution that helps organisations solve critical problems.
Back in 2013, Kai Chin and I saw an opportunity in digital transformation, data growth and connectivity. Sensing that need, we founded Sense Infosys to empower organisations with the technology know-how to make better decisions. Using artificial intelligence and machine learning, organisations are able to easily discover, predict and monitor insights from any form of data.
Last year, Sense Infosys was yet again accredited by the Infocomm Development Authority of Singapore (IMDA) We are proud to have been awarded this accreditation which recognises the most innovative and high-growth infocomm product companies based in Singapore. This has established Sense Infosys as a qualified data solutions provider not only for the government, but also large enterprise buyers. This meant that we were able to expand our clientele and have the opportunity to collaborate with the government and other corporations, and together we’ve developed insights that have carried us beyond our borders to the rest of Southeast Asia and more.
Our award-winning platform KLAVER uses artificial intelligence and machine learning to virtualise and automate the entire data journey for organisations. It is constantly updated with the latest technology and can be readily deployed to address any customer use cases. Our deep domain expertise in risk outliers helps enterprises leverage real-time observations for unique contextual insights. We handle data across different sites to discover anomalies and emerging trends, empowering organisations with the intel to make better decisions.
At the end of the day, we see an even greater demand from organisations wanting to invest in data to accelerate their business. By working closely with our stakeholders throughout the entire data journey, we’re able to explain the process, analysis and decision making. We believe a solution is only successful when stakeholders appreciate how it drives business impact.
Having recently celebrated our Fifth Anniversary, we work with organisations across all sectors, with deep expertise in financial services and public-sector industries. We look forward to the next five years and beyond, helping businesses leverage analytics, AI and open-source data, so they can streamline their operations to the highest levels of productivity. We hope to eventually become the leading global data insights partner, with expertise in South East Asia.
Join us on our journey as we collaborate and empower more of our partners into making stronger, more informed decisions!