3. The first DNA sequences were
obtained in the early 1970s by
academic researchers using
laborious methods based
on two-dimensional
chromatography.
Now it takes
minutes …
3
Data is everywhere
4. We are all living longer
But we are retiring at the same age
We are experiencing more chronic disease
We have higher expectations
It costs more to treat each one of us each year
Chronic
disease, new
treatments
Ageing
population
4
5. Changing Consumer Behaviour – More Demanding and Less Loyal
Your customer
Your customer is increasingly likely to be
more demanding, less loyal
More likely to take advice form peers
More willing to adopt new technology
Operates in a world of reduced information asymmetry
Insist on highly personalised services
5
6. Ultimately, it’s about productivity
The sustained resources demand from Australia’s major trading partners
has masked the impact of the decline in relative productivity in many
industry sectors and saw Australia fall significantly behind other OECD
countries.
Australian labour productivity relative to the US went from almost 92% in
1998 to just over 84% in 2010. Whilst there have been recent increases in
productivity, the rate of growth is well below those of our major trading
partners.
In the period 1973/74 – 2013/14, multifactor productivity increased by an
average of 0.8% per annum.
In the most recent review of global
competitiveness by the World Economic
Forum, Australia was ranked 21st in the
world behind the USA (5th), the UK (10th) and
New Zealand (18th).
6
7. And productivity in the Digital Economy is driven by data…
Spatial data are now used for navigation, transport and logistics optimisation,
infrastructure planning and maintenance, managing land use, biosecurity and
environment management.
The same spatial data sets can be used by many people, for many different purposes
creating new and different services. When spatial data sets are linked together, or are
linked with other data such as weather information, traffic flows, demographic
information or predicted jobs growth, many new services can be created without
diminishing the value of the underlying data.
To reframe the value of data in terms of increasing
productivity, the questions might be stated as
• Which data sets can be analysed to make an
existing operation more efficient?
• What new services can be created by analysing
existing data in new ways?
• Which new data sets could be created which would
in turn create new services?
7
8. So What?
Digitise Link Model Predict Optimise
We can ask questions
about the world around us
that we have never been
able to ask before.
The more data sets
you can bring to bear
on the problem, the
more insight
9. 9
Link …
financial services example
Every transaction
From every market
Every day
2 million
transactions per
second
Petabytes of data
Digitise Link Model Predict Optimise
The more data sets
you can bring to bear
on the problem, the
more insight
10. Enabling A
Wider
Choice Of
Asset
Classes For
Investment
illiquid or unlisted assets such as
(unlisted) infrastructure requires
understanding the risks and returns.
Responding
To The
Challenge Of
Self
Managed
Super
Opportunities for super funds and
insurance companies to provide
flexible products and services to
retain members
Making
Retirement
Income And
Insurance
Products
More
Attractive
Guaranteed income products
require prudential reserves. Better
information of retirees needs create
opportunities for different income
products that don’t require the level
of reserves needed by traditional
annuities.
The impact
of
superannuat
ion on the
economy
Understanding the impact of super
fund asset allocation as these
decisions will have an impact on
overall growth that, will influence
overall returns.
Optimise …
research questions
10
Digitise Link Model Predict Optimise
11. 11
The more data sets
you can bring to bear
on the problem, the
more insight
Digitise Link Model Predict Optimise
12. ChallengesEmpathise
How do I deliver more?
How do I personalise my offerings?
How do I adapt to the problems I know
are coming?
How do I minimise risk?
How do I protect privacy?
Who is the grown up in the room?
Sharing is not easy. Unwilling, unable, not allowed
12
13. Recommendations – Data as a Services Enabler
Recommendation 1: Regulatory clarification – Australia should have the goal to
be in the top countries in the OECD in terms of number, type and quality of data
shared.
13
Recommendation 2: Developing a regulatory framework which supports New
Technology – Encourage regulators to work with Industry to understand the
risks and implications of new technology as it becomes a more significant
force in the market.
Recommendation 3: Research on Data Sharing – A
framework should be developed with supports
anonymization of data which in turn facilitates
sharing.
Recommendation 4: Research Data – A
framework should be developed to provide data
sets to the Australian research community.
14. Recommendations – Data as a Services Enabler
Recommendation 8: An Accounting Standard for
Data – Unless the value of data can be estimated in
an accounting sense, data will be undervalued as a
factor of production in the Digital Economy.
14
Recommendation 5: Spatial Data – Should be brought under one standard
and released as open source.
Recommendation 7: Developing a regulatory
framework which supports victims of data breach
Recommendation 6: Data Breaches – mandatory disclosure of breaches of
data and cyber incursions would
15. So What?
Increasing productivity in the
digital services sector has
become the new benchmark for
international performance and
Australia has fallen behind many
of our trading partners
15
Access to
data is central
to the next
wave of
productivity
gains and as
a means of
responding
Australia's
challenges.
Australia has
unique
challenges
and unique
opportunities.
16. Everything should be made as simple as
possible, but no simpler. Albert Einstein
ianopper@outlook.com
+61457553944
@ian_oppermann
/in/ianoppermann
