Differentiating Dashboards and Analytics for Informed Business Decisions

Friday, January 26, 2024 TimeTec 0 Comments

 
Lots of solution providers use the system dashboard that comes along with their solutions as data analytics module to deceive customers. In fact, data analytics is much more than that.

In brief, a dashboard is a visual display of key performance indicators (KPIs) and other relevant information, presented in a consolidated and easy-to-understand format. It provides a real-time snapshot of data and helps users monitor and make decisions based on that data. In short, dashboard is more for operational.  

On the other hand, data analytics involves the process of examining raw data to extract insights, identify patterns, and make informed conclusions. It goes beyond visualization to explore data trends, correlations, and anomalies, often using statistical and machine learning techniques. In short, data analytics is more for management to understand in-depth situation and to enhance operation, but more importantly to make strategical decision that would affect the future of the organization.  

In terms of benefits, Dashboards may deliver the followings:

1. Real-time Monitoring:
Dashboards provide a real-time overview of key metrics, enabling quick and informed decision-making as you can track operational performance instantly.

2. Visual Representation:
Visual elements like charts and graphs make it easier to comprehend complex data. Dashboards condense large amounts of information into a visually digestible format.

3. User-Friendly:
Dashboards are designed for ease of use, making them accessible to a broad audience within an organization. Users can quickly grasp trends and performance without needing in-depth data analysis skills.

4. Efficiency:
Dashboards save time by providing a consolidated view, eliminating the need to sift through extensive reports. This promotes efficiency in operational decision-making processes.

And for Data Analytics, it delivers different types and more impactful benefits to the businesses:

1. In-Depth Analysis:
Data analytics allows for a deeper exploration of data, uncovering patterns, trends, and insights that might not be immediately apparent on a dashboard.

2. Predictive Modeling:
Advanced analytics, including machine learning, enables predictive modeling. Organizations can forecast future trends and make proactive decisions based on these predictions.

3. Data-driven Decision Making:
Analytics provides a robust foundation for making strategic decisions. By relying on data rather than intuition, organizations can enhance decision accuracy when planning the future moves.

4. Identification of Opportunities and Risks:
Analytics helps in identifying both opportunities for growth and potential risks by analyzing historical and current data. This proactive approach supports better risk management.

5. Continuous Improvement:
Analytics fosters a culture of continuous improvement. By regularly analyzing data, organizations can refine strategies, optimize processes, and stay agile in response to changing conditions.

In summary, they complement each other; dashboards are excellent for quick, visual insights and monitoring, while data analytics requires more expertise to offer an in-depth exploration of data, supporting strategic decision-making and long-term planning.

TimeTec solutions, be it HR suite, property management, smart security, and smart parking, the applications all come with dashboards on their own to help customers in quick visual performance for operation. While we provide TimeTec Analytics modules across platforms, customizable and consolidated in an ecosystem, it allows management to access anytime, anywhere on the web or on the app without the need to log into their individual operation system, to obtain deeper analysis and interpretation of data for actionable insights.


 
 About TimeTec:
TimeTec Group was established in 2000. Over the past 20 years, the Group has developed three homegrown, globally recognized IT brands: FingerTec, TimeTec, and iNeighbour. These brands specialize in workforce management, security, smart parking, smart office, smart residential, and smart township solutions, harnessing the power of biometrics, cloud and edge computing, IoT, and AI technologies. All these solutions connect and reshape the landscape of work life and home life within a larger ecosystem.

Through an extensive network, TimeTec Group distributes its biometric hardware products and 18 cloud applications, including IoT devices, to more than 150 countries worldwide. Visit our company websites at TimeTec Cloud, FingerTec, iNeighbour, and TimeTec Building.

Various renowned clients have subscribed to TimeTec's solutions, including IOI Properties, Putrajaya Holdings, Ibraco, Binastra, Thriven, Hock Seng Lee, QSR Brands, Central Sugars Refinery (CSR), Sunway Constructions, Mamee, Yakult, Nano Malaysia Berhad, and many more. The versatility and feasibility of TimeTec products also attract international customers from around the world, including Hong Kong, Dubai, Australia, South Africa, and beyond.

03-8070 9933     |     Email     |     www.timeteccloud.com     |     Interest Form

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Fusionex’s Downfall: The End of the Big Data Era?

Monday, January 22, 2024 TimeTec 0 Comments


The largest big data company in Malaysia, Fusionex, is set to be liquidated by its new buyer Hitachi through a court order. Financial data analysis from a YouTuber, Learnabee video reveals that despite "steady growth" in performance and profits, Fusionex is experiencing a precipitous decline in cash flow. Additionally, since Fusionex's revenue is primarily driven by projects, resorting to the strategy of capitalizing expenses to artificially enhance the financial outlook is not advisable. Instead of reporting profits, it would be more realistic to acknowledge losses in each of the three years following the acquisition by Hitachi.

Nevertheless, why did Fusionex collapse? Is the big data industry failing? Wasn't it said that AI is built on the foundation of big data? How did big data companies decline just as Large Language Model (LLM) gained popularity? Where does this logic fit?

Based on my personal understanding and observations of the industry, I'll outline the reasons behind Fusionex's closure.

The popularity of big data arises from the increasing volume of data produced by individuals and businesses every day. Previously, data generation was inconvenient and costly. For instance, writing a diary used to be a rare habit, and it was done manually in a book with limited circulation. Now, diary writing is a common practice, especially on social media platforms. Previously, people used cash, making it difficult to track transactions. Now, with the rise of ewallets, every transaction leaves a trace. Similarly, businesses produce more data due to digitalization, and those who understand how to convert it into valuable insights and actions can add significant value to their operations. Companies lacking in-house data talent seek external assistance, giving rise to big data firms like Fusionex.

If big data is so crucial, why did Fusionex's prospects deteriorate to the point of the owner selling it off? While selling a company may be due to a favorable offer rather than concerns about its future, incidents that exposed three years later for Fusionex suggest otherwise. While this might be seen as a case of poor management, my view is different; I see it as an inherent flaw in the industry.

Firstly, internet giants, the pioneers where the concept of big data originated, are the best equipped to engage in discussions about big data, treating data as their most valuable asset. They establish internal data teams ranging from dozens to thousands of professionals who continuously analyze, utilize, and cultivate data. Occasional consultations with external experts are the exception, as these companies rarely seek outsourcing for big data services. Can you imagine Google, Facebook, Alibaba, or JD outsourcing their big data analytics to external firms?

Secondly, even if traditional large enterprises lack the expertise in big data and initially rely on services from companies like Fusionex, this is usually temporary. Data is a trade secret, and once these enterprises establish their own data teams after gaining experience, they tend to recruit the talent responsible for their projects from the outsourcing company. I believe Fusionex's primary clients were these traditional enterprises or government departments, and they are prone to being phased out, especially after a change in government.

Thirdly, to achieve data-driven decision-making, digitization must precede datafication, and this relies on application systems. More and more system providers are contemplating integrating data analysis modules into their systems as part of their products, assisting clients in transitioning seamlessly from digitization to datafication. System providers with data analytics capability have an extra advantage of industry know-how over big data companies. This advantage reduces costs and time for enterprises, sidelining specialized big data companies. TimeTec, which launched the data analytics modules for all its solutions last year after two years of development, was one of the moves to prove such a trend.

In essence, what was once exclusive to a few has now become commonplace. While big data's importance continues to grow, the significance of big data companies appears to be diminishing.
 
About Author:
Teh Hon Seng is the Founder and Group CEO of TimeTec Group of Companies. Prior to founding TimeTec, Teh led his former company to be listed on the MESDAQ (ACE) market of Bursa Malaysia in 2002. In 2000, Teh initiated research and development in fingerprint technology, which later evolved into a renowned global brand for commercial fingerprint products known as FingerTec. In 2008, he foresaw the trends of cloud computing and mobile technology. Over the years, he strategically diversified and transformed his biometric-focused products into a suite of cloud solutions aimed at workforce management and security industries, including smart communities and digital building systems centered around the cloud ecosystem. Teh holds more than 20 patents, and he has also been a columnist in a local newspaper and the author of several books.
 
 About TimeTec:
TimeTec Group was established in 2000. Over the past 20 years, the Group has developed three homegrown, globally recognized IT brands: FingerTec, TimeTec, and iNeighbour. These brands specialize in workforce management, security, smart parking, smart office, smart residential, and smart township solutions, harnessing the power of biometrics, cloud and edge computing, IoT, and AI technologies. All these solutions connect and reshape the landscape of work life and home life within a larger ecosystem.

Through an extensive network, TimeTec Group distributes its biometric hardware products and 18 cloud applications, including IoT devices, to more than 150 countries worldwide. Visit our company websites at TimeTec Cloud, FingerTec, iNeighbour, and TimeTec Building.

Various renowned clients have subscribed to TimeTec's solutions, including IOI Properties, Putrajaya Holdings, Ibraco, Binastra, Thriven, Hock Seng Lee, QSR Brands, Central Sugars Refinery (CSR), Sunway Constructions, Mamee, Yakult, Nano Malaysia Berhad, and many more. The versatility and feasibility of TimeTec products also attract international customers from around the world, including Hong Kong, Dubai, Australia, South Africa, and beyond.

03-8070 9933     |     Email     |     www.timeteccloud.com     |     Interest Form

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Building a Digital Twin: Bringing Your Building to Life in the Digital World

Tuesday, January 02, 2024 TimeTec 0 Comments


Have you ever heard of a 'digital twin'? It might sound complex, but it's essentially a fancy term for creating a digital version of a real thing—whether it's a building, a person, or a process. This digital twin helps organizations simulate different scenarios, making it easier for them to make smart decisions.
Let's focus on buildings. You might think of a digital twin as something similar to virtual reality (VR), where developers create a 3D simulation of a property to give potential buyers a cool preview. But a digital twin goes beyond just a VR show.


Imagine every step of a building's life, from planning to construction and beyond, being captured in digital form. This ongoing process shapes the digital lifestyle of people living or working in those buildings.

Unlike a digital twin of a person, where data might not be directly useful to the individual, a building's digital twin is entirely controlled by developers or property management companies. It's like a behind-the-scenes look at the building's entire journey, from design to smart home features.


So, what's the value of having a digital twin for a building? Well, it's not just about selling properties. It's about transforming businesses and ensuring sustainability. Even after a physical property is sold, its digital twin can keep generating income through things like EV charging, home services, and many more.

For developers managing entire townships, digital twins offer even more benefits. They can connect multiple buildings and activities within them, creating a vibrant ecosystem. Just like how social media uses user behavior to push ads, developers or property management can monetize by promoting activities for example facility booking within the buildings or increase revenue by helping tenants to promote their products and services or improve parking income by allowing season parking for multiple buildings or enhance on-premises ads on digital signage and targeted ads on the apps.

Now, how do you build a valuable digital twin? One approach is to use an AI-powered super app that engages users in various building activities. This app generates a ton of data, and a built-in analytics module helps developers make informed decisions.

But nurturing a digital twin requires careful consideration. Where are you in your digital journey, and where do you want to go? External expertise, like TimeTec, can play a crucial role in this process.


TimeTec's Cloud City Ecosystem is designed to meet digital and data transformation needs. With 18 core modules, it covers everything from residential to commercial buildings, from construction to post-development. The goal is to create a complete digital lifestyle, and TimeTec even provides APIs for developers to integrate with other solutions.


So, building a digital twin isn't just about fancy tech terms—it's about bringing your building to life in the digital world and reaping the benefits of a connected, smart, and sustainable future.


 

 For further information, please contact Leo Teh leo@timeteccloud.com (018-371 8698) or write to info@timeteccloud.com.

 
 
 
About TimeTec:
TimeTec Group was established in 2000. Over the past 20 years, the Group has developed three homegrown, globally recognized IT brands: FingerTec, TimeTec, and iNeighbour. These brands specialize in workforce management, security, smart parking, smart office, smart residential, and smart township solutions, harnessing the power of biometrics, cloud and edge computing, IoT, and AI technologies. All these solutions connect and reshape the landscape of work life and home life within a larger ecosystem.

Through an extensive network, TimeTec Group distributes its biometric hardware products and 18 cloud applications, including IoT devices, to more than 150 countries worldwide. Visit our company websites at TimeTec Cloud, FingerTec, iNeighbour, and TimeTec Building.

Various renowned clients have subscribed to TimeTec's solutions, including IOI Properties, Putrajaya Holdings, Ibraco, Binastra, Thriven, Hock Seng Lee, QSR Brands, Central Sugars Refinery (CSR), Sunway Constructions, Mamee, Yakult, Nano Malaysia Berhad, and many more. The versatility and feasibility of TimeTec products also attract international customers from around the world, including Hong Kong, Dubai, Australia, South Africa, and beyond.

03-8070 9933     |     Email     |     www.timeteccloud.com     |     Interest Form

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