Written by Yong Kai Chin, Co-Founder and CTO
Open data is data that can be freely used and redistributed by anyone. While the concept of data sharing may not be new, open data has become more valuable in recent times due to the increasing number of people who spend their time online, contributing to the data pool. A recent report by We Are Social and Hootsuite revealed that there are now over 4 billion internet users around the world. The growing number of users online have resulted in more data, leading to more accurate information that allows businesses to harness data’s full potential.
Since most organisations are digital, having access to data relevant to their business can point them in the right direction when it comes to marketing, as they are able to more accurately target the right audience. Data can also provide interesting and valuable insights that will help them understand the competitor landscape. In the bigger picture, open data has improved service efficiency, economic growth and contributed to improving quality of living as a whole.
We don’t have to look far to see the benefits of open data. According to Singapore’s Smart Nation website, data has become the “new currency” that enables new possibilities for the nation. With a platform that makes data accessible across agencies, data sharing is not only encouraged, but agencies are expected to use these shared data to develop solutions for better living. One example is the Singapore tourism industry, and its collaboration with businesses like Expedia, to share insights around travellers who book through the platform. By understanding people’s purchase journey – from the moment they begin doing their travel research to the point of booking – the Singapore Tourism Board can create a more personalised experience for tourists.
Of course, for open data to be beneficial to organisations, there needs to be a level of trust and transparency. Singapore has already topped the 2017 Global Smart City Performance Index, which measured how technology has improved quality of life across the areas of mobility, health, safety, and productivity. Leveraging data that people provide and sharing them with the right organisations help save time, creating a more efficient society in return. As a connected nation, we have a rich pool of data readily available and more transparency will only propel the country further in its capabilities.
At Sense Infosys, our proprietary platform KLAVER was developed to do just that – to encourage the sharing of open data and generate the most accurate and relevant data for businesses. The platform uses artificial intelligence and machine learning to virtualise and automate the entire data journey for organisations. It can manage data across different sites to discover anomalies and emerging trends specific to client needs, empowering organisations to make better decisions.
Leveraging on our platform, a trade facilitation provider was able to identify dubious entities and transactions from client defined news sources and correlate them to previous transactions for abnormalities. Several data points help triangulate accuracy of declared information to the provider for accurate risk analysis.
With open data, we’re able to leverage a wider pool of resources to make better decisions. After all, there is no speculation or guessing in data, only statistics to support proposed solutions and decisions.