The state government has collaborated with leading data technology specialist, Fusionex, to set up a smart trade facilitation and intelligent logistics platform, which would allow businesses to capitalise on the exponential growth of the digital economy as well as cross-border trade.
State Chief Minister Chow Kon Yeow (pix) said the initiative would spur business activity as well as create a business-friendly environment for Penang, especially for the small and medium-sized enterprises (SMEs).
What you can do for your own organization can also be done, more or less, for your competition. It will help organizations better understand the competition and knowing where they stand. It can provide a valuable head start. Using big data analytics, algorithms can find out for example if a competitor changes its pricing and automatically adjust your prices as well to stay competitive.
Companies can also discover unmet customer desires using big data. By doing pattern and/or regression analysis on your own data, you might find needs and wishes of customers you did not know they were present. Combining various data sets can give whole new meanings to existing data and allows organizations to find new markets, target groups or business opportunities it was previously not yet aware of.
“Over the last few years, Penang has had a compound GDP growth rate of over 5% and received investments worth over RM9 billion in the first half of 2019,” he said in a speech at the signing of the Memorandum of Understanding (MoU) here, today.
The MoU was signed by state secretary Datuk Seri Farizan Darus on behalf of the Penang government and Fusionex managing director (Enterprise and Public Sector) Chua Yu Ye.
The signing was witnessed by Chow, State Domestic and International Trade, Entrepreneur Development and Consumer Affairs Committee chairman Datuk Abdul Halim Hussain and Fusionex founder and group chief executive officer Datuk Seri Ivan Teh.
Under the MoU, Fusionex will provide the necessary infrastructure architecture, solutions, services, facilities, expert knowledge and technology, as well as other capabilities to manage the smart trade facilitation platform – Bernama