CYBERJAYA: Malaysia Digital Economy Corporation (MDEC), introduced a new initiative to encourage businesses to embrace data called DataKITA. The term 'KITA' of the DataKITA initiative represents four pillars – knowledge, infrastructure, talent, and action – each playing a role in increasing data availability in the ecosystem, improving data accessibility and encouraging data usage.
"The DataKITA initiative aims to be one of the catalysts in establishing Malaysia as a regional hub for Internet of Things (IoT), Data and Artificial Intelligence (AI). These would be crucial in shifting the mindset of integration and encourage business organisations to be well-equipped with a data-literate workforce and the necessary tools to survive and thrive in the new normal," said MDEC's chief executive officer, Mahadhir Aziz in a statement released by the agency.
The statement also included a report by Gartner titled "A Data and Analytics Leader's Guide to Data Literacy", which stated that data and analytics strategies become integral to all aspects of digital business.
Data literacy is recognised globally as the ability to read, understand, create, and communicate data as information. It focuses on the competencies involved in working with data such as reading and
understanding data better and being data-literate can enable organisations to seamlessly adopt existing and emerging technologies.
To enable a data-literate workforce, the report highlights that business leaders will need to start with an assessment on data literacy training needs and define relevant tracking metrics (use of data) to cater for individual training progression.
Observations by McKinsey & Company have shown that over 50 per cent of executives and managers at high performing companies are data literate. However, the case is not the same everywhere.
Other reports also show that 50 per cent of executives face a data skills gap and are calling for data literacy training.
The emergence of newer technologies has also increased the awareness businesses have on data.
While bigger players have used data to their advantage, smaller businesses are only coming to realise the importance data has and how it could change the way they operate.
"Data has always been presented as a key tool for us to capture newer opportunities and there is no better time than now to properly utilise it. In operating in this new normal, consumer behaviours are changing rapidly, and we believe that data is vital in navigating this ever-changing ecosystem," said Mahadhir.
The pandemic has also given rise to the importance of utilising data the right way. With the rapidly changing consumer behaviour, businesses can benefit through data to capture a larger market share that better fits their product offerings.
Additionally, businesses will be able to create greater impact and make better decisions, be it to source for a new segment of customers or even to create a better product.
To better close the data skills gap and tackle other issues that stand in the way of making a company and its workforce to be more data adept, business organisations have been encouraged to inculcate data literacy and awareness culture.
To promote and facilitate business enterprises towards making data-driven decisions, MDEC introduced the Data Driven Enterprise Programme for businesses that aspire to be data-driven and AI-ready organisations.
Enterprises can also have a better understanding of their analytics and AI readiness level through the Data, Analytics and Artificial Intelligence (DAAI) Readiness Assessment. By participating in the assessment, enterprises will receive a personalised report unveiling how they can overcome their biggest challenge and bring the organisation's data-driven journey to the next level.
As part of its role to drive awareness of data, MDEC is organising the AI and Data Week (AIDW) 2021 starting from Oct 25 to Oct 29, 2021. The week-long campaign aims to position Malaysia as a thought leader for the regional digital hub for IoT, Data and AI as well as to help catalyse the mindset, integration, and adoption of IoT, AI and data among attendees. To participate, please visit mdec.my/AIDW.