Lastly, data privacy and security will continue to be concerns in the cloud computing era, and this will be something that governments and regulatory bodies will have to work together to resolve.
Jimmy Cheah, managing director, Oracle Malaysia:
While the economic uncertainty has had negative effects on various sectors, technology is bringing completely new capabilities, which are empowering organisations to operate more efficiently during this period. Enterprises are investing in technology vendors such as Oracle that allow them to achieve longer-term savings and lower TCO [total cost of ownership] from making the right investments such as deploying hardware and software components that are pre-integrated and fine-tuned for their organisation's needs.
Three challenges that Malaysia needs to be mindful of:
a) The strain between the continuous improvement of business processes and the lack of dexterity of supporting information systems in enterprise transformation. Both government agencies and enterprises need to ensure better business-IT integration within organisations in defining requirements and definitions and understanding the value of data giving business users access to timelier, relevant data.
b) It is imperative that enterprises deploy security solutions that help to mitigate threats across databases and applications to eliminate the risk of loss of data and ultimately, financial loss.
c) IT budgets are shrinking but the needs of businesses are not. In this regard, companies need to invest wisely in new technologies that modernise the business and facilitate business growth.
In addition, the explosion of 'Big Data' over the past few years has had a significant impact on the database management industry. Big Data refers to the huge amount of data that is structured in nature (data neatly fitted into rows and columns) and unstructured data that is derived from the worldwide web through multiple sources. According to IDC, the amount of information created and replicated will surpass 1.9 zettabytes (1.9 trillion gigabytes) in 2011, growing by almost nine times in five years. As a result, unprecedented levels of complexity for IT executives have risen particularly as they realise that these massive data sets cannot be processed, managed and analysed using traditional systems and methods.
To derive real business value from big data, you need the right tools to capture and organise a wide variety of data types from different sources, and to be able to easily analyse it within the context of all your enterprise data. A key challenge faced by business executives today is managing the compounding amount of data that resides within an enterprise while providing superior analytical capabilities thus leading to issues in defining the overall information model management for the company. Business Intelligence helps to solve this by aligning the entire organisation, increasing accountability and transparency and placing everyone on the same page in terms of goal-related performance.
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