The Malaysian nation has always been a pioneer among the ASEAN countries when it comes to technological advancement. Right now it stands at the third position in the world for percentage of companies that have embraced AI driven business solutions. It also holds the fourth place in the world in terms of entrepreneurial culture. Initiatives from the government as well as the academic circle has enabled this nation to grow as a technological powerhouse. Data analytics in Malaysia plays a vital role in the economic development of the nation and it has driving influence over a number of industries.
The Fin-tech industry is booming
The banking and financial services industry has been the most notable beneficiary of the discoveries in the field of data analytics from the very beginning. Digitization of financial institutions is quite inevitable but it leaves those institutions vulnerable to various threats from hackers. Advanced analytics can reduce this risk. Analytical models can also help organizations to identify probable loan defaulters and risky collateral assets. With the help of data analytics these things happen in a short time. The fin-tech industry is one of the few industries which have seen the benefits of analytics right away.
The logistic industry moves more smoothly
There are programs now that can analyze critical data about a certain vehicle and tell you whether it needs a wheel job or if it might have a loose break. In fact automated systems can take care of a whole bunch of vehicles reminding you with flawless efficiency anything that a certain vehicle might need.
The logistic firms also draw great benefits from the efficient analysis of traffic situations by various systems. This can help them rout the consignments more effectively saving time and money.
The E-commerce sector is totally dependent on data
The e-commerce companies bank upon their relationships with the consumers while not having any physical contact with them apart from the time of delivery. Hence, this relationship is built with the help of data analysis. Descriptive analytics can reveal the current trends in the market, while behavioural analytics draws a pattern in the customers’ changing preferences. Sentiment analytics can help build predictive models to understand probable upcoming trends. With a good hold on the customers’ behaviour an e-commerce company can even shape the new trend. Data and its proper analysis is central to all of this.
Healthcare analytics taking a leap
The field of healthcare analytics has expanded and grown out of sheer need more than anything. With digitized instruments and increased number of patients, the formation of an efficient data pipeline is quite essential for any healthcare facility to run smoothly. The developers as well as the healthcare professionals have adapted the analytics oriented framework with speed and efficiency.
Data analytics in Malaysia has an all pervading presence. The demand and supply equation in terms of trained personnel is still far from equilibrium; the shortage of skilled professionals is persistent. This of course presents an opportunity to budding analysts to make a difference for themselves and for the nation.