For decades, Australia has been transforming towards a services dominated economy and our services economy is increasingly digital, online and driven by data. In all sectors, services are increasingly created, delivered and consumed via digital means driven by the increasing adoption of online, mobile, digital technologies. Recent years have witnessed dramatic changes in the way we consume music, watch movies, book holidays or choose hotels. Whilst less obvious to the average consumer, there are dramatic changes underway in all industry sectors, and in government, driven by changing consumer expectation, reduced barriers to new entrants and an increasingly borderless world of information flow.
The power of bigger data and analytics, largely enabled by the predominance of online digital services, has captured imaginations around the world. Companies and governments alike have realised the potential and have devoted significant efforts into collecting, linking, modelling and analysing vast quantities of data to improve operational efficiency, improve effectiveness or create new, highly personalised services.
Today, in Australia, supermarket chains use purchasing information gained from loyalty card data to provide individualised “specials” to their customers. Commercial data analytics companies use supermarket, bank, insurance and entertainment data to generate deep insights into consumer behaviour, which in turn enables their clients to make better business decisions. Insurance companies, banks, retailers, pizza companies and coffee chains are using data and analytics to better understand their customers and deliver more personally targeted services.
Government around the world are also developing an understanding of the benefits Big(ger) data Analytics. The US State of Michigan and the City of New York have established Data Analytics Centres. The New Zealand government has established a centrally led Data Analytics agency. Most recently, the NSW Government has established the Data Analytics Centre to explore challenges ranging from transport optimisation and improving fire crew responses, to government service delivery and child protection.
We are now at an important crossroad in realising the potential of Big(ger) Data and Analytics. As more of the physical world is reflected in the digital world, the opportunities to generate insights, model and analyse behaviours, and customise service offerings increases dramatically. The benefits can be astonishing.
Ultimately we are looking at the next big driver of productivity. Digital Economy companies have grown enormous revenues (and market capitalisations) by processing massive amounts of user generated data and providing personalised services, which in turn, encourages more users to generate and share their data. Data is driving productivity.
The prize for Australia is the opportunity to create new and exciting business opportunities here, improve the quality and transparency of our state, local and federal governments, while still protecting the rights and the sensitive, personal information associated with each of us as individuals.
By sharing specific examples of how organisations are utilising analytics, Dr Ian Oppermann will outline the practical ways that digitisation is being brought to life with new and powerful insights.
When: Tuesday 17th May 2016 / 5pm Registration for 5:30pm Start
Where: State Library Theatre of WA