The rapid advancement of digital adoption has been a disruptive force within the business community. In this new landscape, data has been a hot commodity that creates a vast supply of opportunities with the emergence of cloud computing, artificial intelligence (AI) and machine learning.
According to a report by IDC, the total amount of data generated in the world last year was estimated at 64.2 zettabytes (1 zettabyte: a trillion gigabytes). The colossal amount signifies that data represents every aspect of human lives.
“With new information being generated every second, data should be treated as the ‘oxygen’ for the digital economy that needs to be harnessed for shared prosperity and value innovation to enable new sources of growth.
“Businesses that embrace data tend to be more agile and innovative, especially during these trying times. We have seen many that have been flourishing from creative business models compared to others who are struggling to survive. At the national level, data-driven decisions benefit the country, be it economically or in managing the COVID-19 pandemic,” said Aiza Azreen Ahmad, Chief Digital Business Officer (CDB), MDEC.
Responding to the digital evolution, MDEC introduced the DataKITA initiative to prepare the digital ecosystem in adapting to the new world order of data utilisation, particularly one that is driven by the Fourth Industrial Revolution (4IR) technologies.
Launched in November 2020, the DataKITA initiative sees MDEC joining forces with the industry to provide an impetus for businesses to kickstart their data transformation journey through a structured approach as well as leveraging data literacy, data analytics, governance, data sharing and AI.
The initiative aims stands on four strategic pillars namely, Knowledge: Promote Data Literacy Infrastructure: Foster a Data-Driven Environment Talent: Facilitate Development of Data Professionals Action: Accelerate Business Enterprises to be Data-Driven and AI-Ready.
Additionally, DataKITA is gearing up Malaysia to tap into the lucrative data economy, which IDC has projected Malaysia’s data-driven spending to reach US$1.9 billion by 2025 from US$1.1 billion in 2021. By controlling its data destiny, Malaysia can be a digitally sovereign nation that leads an innovative digital economy, in line with MDEC’s mission to create a digitally integrated society that is driven by a sustainable and inclusive digital economy.
As part of the DataKITA initiative, MDEC will be hosting the AI and Data Week 2021 (AIDW 2021). Starting from 25 October 2021, AIDW 2021 is a week-long event that aims to position Malaysia as a thought leader for the regional digital hub for data, AI and Internet of Things (IoT).
