In today’s highly competitive business environment, “data” is considered a primary resource for every organization, enhancing both business growth and customer service. The AMCHAM Digital Economy Committee recently invited four experts to share their insights and experience in managing organizational data, revealing how data can optimize financial management, improve customer engagement, enhance sustainable agriculture, and facilitate property management. The discussion also explored the future implications of data for organizations. Jason Shipman, AMCHAM Digital Economy Committee Co-Chair and Managing Partner – Growth & Transformation of Tata Consultancy Services introduced the topic to initiate a discussion about the importance of data in modern organizations, as being crucial for effective business analysis and advancement.
Speakers: Assist. Prof. Dr. Sanphawat Jatupatwarangkul, Digital Practice Leader of Aurecon (Thailand); Lyn Kok, Founder & CEO of Mula-X; Dr. Rassarin Chinnachodteeranun, Co-founder and CEO of ListenField; Michael Chen, CEO and co-founder of Buzzebees
Moderator: Waleeporn Sayasit AMCHAM Digital Economy Committee Co-Chair and GM of TCC Technology. Khun Waleeporn introduced the speakers as representatives from various sectors, including finance, marketing, agriculture, and real estate. They all utilize massive amounts of data to create business value in different ways. She encouraged discussion of how data is being used by different industries and the successes and challenges each has experienced in doing so.
How can “data” be leveraged for business growth?
The enormous amount of data stored within an organization, when effectively organized and utilized, can increase opportunities to enhance the value of products and services. Lyn Kok, Founder & CEO of Mula-X, highlighted, “Financial institutions generally collect data that are self-declared by customers for their credit analysis such as income proof, address, demographic data and credit bureau data for credit assessment. Apart from these traditional sources of data, there are new forms of data that can help to complement the traditional data sources such as psychometric tests or phone metadata to better understand borrower’s financial profile and psychological behavior. Furthermore, these new methods can also help to provide more financial opportunities to customers traditionally underserved.” Additionally, Dr. Rassarin Chinnachodteeranun, Co-founder and CEO of ListenField, emphasized, “In the agricultural sector, collecting in-depth data about locations, the environment, and farmers is crucial for analyzing problems and enabling farmers to improve the quality of their product.” Meanwhile, in the real estate sector, Assist. Prof. Dr. Sanphawat Jatupatwarangkul, Digital Practice Leader of Aurecon (Thailand), added, “Applying digital technology data in the real estate sector adds a clearer perspective, such as on the use of buildings and infrastructure, which contributes value to the development of smart cities and more efficient property management.” Lastly, Michael Chen, CEO and co-founder of Buzzebees, stated, “The collection of customers’ personal data through creating a platform that fosters loyalty is crucial in improving the efficiency of data collection. Once the desired data is obtained, it can be analyzed for consumer behavior through a Customer Relationship Management (CRM) platform, enabling continuous business growth.”
Shared experiences, opportunities, and challenges from multiple sectors in utilizing data
According to Assist. Prof. Dr. Sanphawat, “In the real estate industry, making efficient decisions requires accurate and precise information beginning from the initial design phase. Additionally, selecting and using data at the appropriate time can help to reduce mistakes, costs, and inefficient processes. An example is the utilization of technology to convert buildings into data through Building Information Management (BIM) systems, which is a process of creating, assembling, and managing construction designs using three-dimensional data, to enable a clearer understanding of the structure and design possibilities in architectural engineering.” On the other hand, Lyn mentioned, “Legacy systems, multiple data sources stored on different operating systems, and data privacy regulations pose significant challenges in the efficiency of collecting and maintaining one single source of truth of the data for the financial services sector who use these data for credit analysis, marketing, and customer servicing purposes. Therefore, collaborating with financial institutions to implement newer cloud-based financial technology (Fintech) is essential for delivering quicker products to market and also a better user experience. An example of this is the Know Your Customer (KYC) process where newer technologies are utilized to enable this process to be done in a more secure, faster way via digital technology that fosters a positive impact on customer experience.” Furthermore, Dr. Rassarin emphasized the perspective from the agricultural sector, saying, “Various stakeholders in agricultural businesses, such as producers, consumers, and logistics providers, require diverse data for efficient outcomes. We must work together as an ecosystem to achieve sustainable agricultural production.” In the marketing industry, Michael added, “Data plays a crucial role in adding value to the business. In the past, the options for purchasing products were relatively limited compared to the present day, where customers can make purchasing decisions via various platforms like Facebook, Google, or YouTube. As a result, businesses now need to prioritize continuous customer engagement, in which customers spend only 27 seconds making a decision.”
Upcoming Trends in Data Reshaping
The rapid development of AI technology will play a crucial role in decision-making and organization of data. According to Assist. Prof. Dr. Sanphawat, “AI can only assist in making work faster and more efficiently, but it cannot replace human jobs.” Michael noted, “the significant role AI will play in various industries in the future, particularly in assisting in-depth data analysis and providing accurate insights about customer targets.”
In conclusion, the discussion emphasized the many ways massive amounts of data can be used properly to create and enhance a positive impact on user experience. The event concluded with, Peter Fischbach, President of ISM Technology Recruitment Ltd., moderating a short Q&A session, allowing the audiences to share their own experiences regarding utilization of data to enhance user experiences.
Source: Mind PR