Retail Asia 2018 RA September.October 2018 (Online) | Page 14

NEWS FEATURE
Understanding the
cross-industry benefits
from data decentralisation
The data ecosystem today is fragmented, with
corporations using data in silos. This issue
causes an underutilisation of data that leads to
inefficiencies. Instead, a decentralised world —
one where all parties receive equal access to data
— will benefit everyone. Kendrick Wong, CEO
of Omnilytics and Omnilytics Platform, shares his
thoughts on this.
I
n today’s technologically-driven
world, it is evident that the data
industry is growing exponentially.
Jobs related to the field are
increasing and large corporations
are adopting data into their current
architectures more than ever — whether
to enhance the omni-channel experience,
customer service or marketing. The
data-driven shift comes from the need to
stay ahead in a fast-paced environment:
new products are launched every day,
trends are ever-changing and market
movements are volatile. From Alibaba
in China to Boohoo in the UK,
corporations across various verticals are
leveraging data to succeed.
Taking a step back, however, we see
that the current data ecosystem is heavily
fragmented.
The hidden disconnect
All businesses are powered by data,
in some form or another, whether
intentional or not. As most keep this
information private and confidential,
valuable datasets are being used in silos,
often ineffectively and inefficiently. On
the surface, the current structure may
seem inconspicuous, but the disconnect
has underlying problems and presents
ample missed opportunities.
Such centralised systems benefit
only the handful with direct access to
the data and underutilises what the
broader market can offer. Let us consider
the fashion retail scene as an example.
Retailers hold important data on what
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Retail Asia September/October 2018
customers are purchasing from their
stores: best-selling styles, sizes, colours
and patterns. This data is equally
beneficial to manufacturers who can
manage production lines to minimise
wastage, as well as to fashion designers
who can then create from more than just
their gut-feeling.
Without a tool or vehicle by
which this data can be aggregated
and decentralised, such valuable
information will remain only within
the data pool of the party that obtained
it. A decentralised model, however,
presents the opportunity for businesses,
both large and small, to create a more
meaningful picture.
A decentralised world
Imagine a world where all players —
across each level of a production cycle
or supply chain — had equal access
to information; where data from
every corporation in every vertical is
aggregated and made readily available
to anyone who stands to benefit from it.
That is a decentralised world.
Decentralisation fosters efficiency
and eradicates redundancy. A single
dataset has the ability to power multiple
user groups in their decision-making
process, from retailers to manufacturers,
designers, brand owners, merchandisers
and buyers. Despite the same level of
access to data, each of these user groups
will interpret and act on their knowledge
differently. This interpretation process
in itself enhances creativity as each party
strives to make sense of the information
in a way that helps them best meet their
goal.
Multiply that effect with hundreds or
even millions of datasets and you end up
with individuals, businesses, industries
and entire economies better off as they
operate at maximum efficiency.
To reach its potential
Reaching a fully decentralised world
is not something that will happen
overnight. On the contrary, it
involves an investment of time, effort
and resources. Still, it is a concept
essential for all businesses to embrace
because the benefits far outweigh
the costs. A decentralised world
removes inefficiencies, prevents missed
opportunities, and most importantly,
nurtures economies to their fullest
potential. ra
All businesses are powered by data, in some
form or another, whether intentional or not.