Harnessing the potential of 'smart' technology
On the organisations' end, the underlying approach to these trends remains the same even as data volumes continue to rise exponentially - identify what's relevant to the business, then work out how vital a role the data plays in the organisation's overall strategy.
With that said, it is imperative for organisations to channel more resources into experimenting and innovating as data sources multiply and analytical tools become more powerful. Making sense of data shouldn't be a one-man job or a task restricted to the IT silo; instead, let every department get involved so as to get a big picture view of the organisation, its operating environment and customers.
Organisations also need to minimise potential downside by ensuring that they're equipped with the storage space for such data inflow and a security system that's sufficiently resilent to protect it. In an age where information is every organisation's key competitive advantage, the loss or exposure of any of it can potentially have a crippling impact on the business.
En route to becoming a 'Smart' Singapore
Recognising ICT's invaluable role in shaping Singapore's future, the country's 'Smart Nation' Masterplan is geared towards leveraging ICT as a means of enabling a better quality of life, raising the country's competitiveness on a global platform, and attaining sustainable growth in the long run. To quote Prime Minister Lee in a speech made at the National Infocomm Awards ceremony last November, this is key to making Singapore "an outstanding city in the world to live, work and play where the human spirit flourishes".
Businesses will have much to gain from this. Beyond obvious benefits such as faster, cheaper and more reliable connectivity, the transformation into a 'Smart Nation' will also bring the country and its businesses an inbuilt competitive advantage over other cities in attracting the best talent, ideas and investments.
However, the 'Smart Nation' vision isn't static -- as technology and the needs of modern consumers continue to evolve over time, so will the challenges.
Though it is too early to say if this vision will become reality, the initiatives thus far are a clear indication that we are well on track. Much of the Masterplan relieson investing in the core areas of business, talent, and infrastructure -- the three key pillars for economic growth. Equipped with the government's support, an infrastructurally superior ICT ecosystem, and a pool of educated, skilled individuals, Singapore will thus be well positioned to innovate, stay relevant in the ever-changing ICT landscape, and ultimately drive world-leading performance.
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