netBI’s CEO, Michael McGee, has highlighted the growing need for the transport industry to think about how it stores, cleanse, fuses and manages big data in a presentation at the 17th annual ITS Asia Pacific Forum 2021.
Hosted by Intelligent Transport Systems (ITS) Australia from 12-15 April at the Brisbane Convention and Exhibition Centre, the forum attracted more than 500 attendees from around the world to learn more about initiatives and issues shaping the industry.
With Data Analytics and Artificial Intelligence in Transport identified as a key topic, Michael used his executive session to discuss what it takes to be successfully data-driven—a feat many companies aspire to, but few achieve.
Michael pointed to research that shows the enormous increase in business data being generated—including the fact that by 2025 companies are expected to be storing more than 100 trillion gigabytes of data.
Yet, he argued, a poor data management strategy and a lack of effective infrastructure to store, process and query that data meant that many organisations were at risk of creating failed data projects.
British mathematician Clive Humby coined the term ‘data is the new oil’ because—like oil—data is only valuable once it has been refined: it needs to be extracted, stored and processed to create value.
“Companies are struggling to refine and fuse their data sets and to know what to do with it,” he said.
Not only does this hamper analysis and business decisions, it makes it more difficult to take advantage of technologies such as artificial intelligence—which relies on clean and accurate training data.
Michael challenged attendees to consider how they cleanse, process, fuse and store their data sets and for this to be seen to be as important as generating the raw data itself.
“Businesses who are able to democratize their data that gives staff at all levels meaningful insight and the ability to make informed decisions will have a competitive advantage,” he said.
netBi is a proud member of ITS Australia and a leading cloud data platform and AI-driven analytics provider to the Australian transport, road management and public transport industry.
Contact us today if your organisation needs expert advice on building a better data stack, or you’re interested in having us speak at your next event.