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Data-driven Economy as the Future: Reforming Traditional Business

Data is becoming the engine of business growth alongside the global shift towards a data-driven economy, which transforms the traditional operation process across industries. Mr. Nick Marro, the Lead Analyst for Global Trade at the Economist Intelligence Unit (The EIU), commented at the executive luncheon held by CITIC Telecom CPC that this data-driven economy will continue to expand with the prevalence of online retailing and the wave of digital transformation, making data “transcendent”.

In addition to China’s active promotion of Big Data applications, the local tech-savvy consumers have also facilitated the technological adoption, enhancing economic reform. Back in 2019, the digital economy already accounted for one-third of China’s GDP, nearly reaching RMB 36 trillion. It is high time to realize the vital importance of data in paving the road to the future.

It then raises the question of how industries can use data to develop their core business. Introducing a data-driven solution, integrated with advanced technologies such as artificial intelligence (AI), may be the answer. It enables enterprises to raise production visibility, optimize their operation, and improve the quality of products and services. Based on data, they can identify new customer clusters and acquire their actual demand to study the trends. This not only helps to adjust their direction more promptly, but also allows monitoring their operational risks in order to prepare for potential disruptions in advance.

Illustrated by the manufacturing industry, traditional factories may have to shut down their production lines and incur financial losses facing equipment failure. Whereas data-driven solutions enable modern factories to monitor abnormalities and predict possible failure, so that vulnerabilities can be located earlier. With the help of data analysis, factories can then carry out preventive maintenance to maintain the stability of supply chains and business continuity.

ICT-MiiND Gives Enterprises a Head Start on Data

Digital adoption has increased significantly with the rapid technological development, thus generating massive data volumes. Enterprises are deploying data-driven solutions ahead of others to unleash the potential values, but at the same time they are also discouraged by the burdens and the impediments it may bring to their core business. CITIC Telecom CPC’s ICT-MiiND strategy advocates the in-depth application of Big Data, proactively analyzing massive data volumes with its robust capability. It helps enterprises to optimize their supply chains, keep pace with the market and raise their competitiveness.

CITIC Telecom CPC adheres to intelligent innovation and is committed to solving technical problems and your business challenges. Please feel free to contact our professional team to explore more about ICT-MiiND and get ready to be transformed into a data-driven enterprise.

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