How data science and analytics are boosting Malaysia’s digital economy
11 January 2023
Throughout the COVID-19 pandemic, Malaysian enterprises had to adapt to the mandated social isolation under the Movement Control Order (MCO).
This changed how we worked and did business and accelerated a digital transformation as companies quickly adapted to the new normal in order to support business continuity. Computer science and data analytics became much more invaluable in the process.
Our government has recognised the value of digitalisation and has since launched the MyDIGITAL initiative under the Malaysia Digital Economy Blueprint, which aims to encourage Malaysians to embrace digitalisation and improve their quality of life and standard of living. This includes integrating the use of big data in both public and private economic sectors.
What exactly is big data?
When people talk about big data, there are three characteristics that are frequently brought up. They are referred to as the ‘three v’s’: the high volume of the information gathered, the rapid velocity at which new information is collected, and the sheer variety in data types and formats.
It is often difficult for our minds to make sense of such data sets when using traditional statistical methods. Fortunately, big data analytics utilises computing tools to process information into more manageable forms.
Monash Malaysia’s Bachelor of Computer Science and Bachelor of Computer Science in Data Science help you build the relevant expertise on big data and computing foundations that empowers you to draw conclusions based on recurring patterns.
Here are some examples of how you can contribute to the workplace with your big data analytics expertise:
- Making informed business decisions
In a research report, industry analyst and consulting firm BARC revealed that big data had a positive impact on corporate functions that translated into an average profit increase of 18%.
For example, instead of manually combing through an employee’s performance data, an algorithm trims the fat and provides relevant data points required for an evaluation. It is also used for project risk assessment and identifying new avenues for R&D.
Both of Monash Malaysia’s bachelor programs in computer science offer units in business intelligence and data warehousing and algorithms and data structures that help familiarise you with common data science practices and how you can use them to enhance your workplace processes.
Malaysia’s big data analytics market is projected to grow from USD 1.1 billion to USD 1.9 billion, an increase of 72.7% by 2025. This suggests that Malaysian companies are expressing interest in big data, which opens avenues for data science job opportunities in the coming years.
Big data has the potential to streamline many corporate decision-making processes that are tedious and time-consuming. It also improves the overall productivity of the organisation.
- Develop an intimate understanding of your audience
What encourages impulse buying, when are the peak time frames for sales optimisation, and what do people look for when buying certain products? These are some of the questions likely raised when coming up with marketing strategies that cater to an intended audience.
Data science helps answer these questions and is a great tool for companies to obtain a clearer picture of how their target audience behaves. After all, understanding your target audience’s preferences is the first step to a successful business, especially those in the business-to-consumer (B2C) industry.
Many online e-commerce services like Shopee and Lazada use big data to personalise customers’ shopping experiences, provide recommendations based on search history and improve customer service.
Units such as big data management and processing and data analytics teach you how to process complex data sets as well as interpret information in a relevant and comprehensive manner.
MyDIGITAL highlights Malaysia’s goals to utilise big data in a similar way to leverage regional opportunities such as the growing eCommerce sector which has an internet clientele of up to 360 million, and eventually become a leading player in the Southeast Asian digital market.
Kickstart your data science career with Monash Malaysia
Monash Malaysia is ranked in the world top 100 for computer science and information systems by the QS World University Rankings by Subject 2022. It is also accredited by the Australian Computer Society (ACS) which gives you access to career support, exclusive educational resources, and other benefits even after you graduate.
The School of Information Technology is dedicated to providing quality education that builds strong data computing skills that will give you the knowledge and skills you need to play your part in cultivating Malaysia’s budding digital economy.
Click here to learn more about Monash’s courses and begin your journey as a data scientist.