Through the past 20 years, the internet has gone from an invention that puts information at everyone’s fingertips and enables online business ventures to a huge data-generating machine transforming the whole of society. “Even in the early days of the online boom, it quickly became apparent that all the information building up in cyberspace would become more of a problem than a solution unless it were properly stored, managed, and analyzed to deliver various benefits. The subsequent rise of computing algorithms, artificial intelligence (AI), and machine learning has allowed organizations of all types to derive actionable insights from massive data sets and apply them to improve operational efficiency and anticipate problems. Although state agencies are usually slower in adopting innovative technologies, there is a clearly observable trend towards the application of business intelligence and data analytics at the government level. This indicates a growing awareness among national leaders and public organizations that data-driven insights are crucial for ensuring efficient and transparent operations, which benefits all members of society,” comments Trevor Silver, founder and CEO of leading analytics, data engineering, and cloud computing solutions provider Exusia.
The fundamental role of federal and state governments is to provide citizens with fast, high-quality services in a cost-efficient manner. In order to fulfill it, authorities need to speed up and improve their decision-making process while also ensuring that the right policies are devised and implemented, Trevor Silver notes. This is where data-driven insights are invaluable as they enable governments to prevent problems instead of simply addressing them. According to the World Bank, state authorities can use Big Data to “tackle fraud and corruption, generate administrative savings, and improve service delivery and policymaking processes, making them smarter, more accountable, and more responsive to citizen feedback.” The report cites some numbers demonstrating the benefits of Big Data analytics, such as an estimated $20 billion to $41 billion in annual savings for the UK government through efficiency gains, reduced fraud and error, and improved tax collection.
The use of predictive analytics at the state level can have profound effects, creating what Deloitte calls “anticipatory government,” that is, a collective of public agencies that can preempt problems with the help of data-driven insights. The report lists multiple areas where data analytics can support pro-active measures, some examples being crime, food inspections, natural disaster preparedness, cybersecurity, and terrorism. According to Deloitte, the benefits include early intervention and prevention, improved resource utilization, and more efficient mission-critical programs. In a sign that state agencies are increasingly aware of the need to embrace data-driven insights, 43% of government chief investment officers across 89 countries plan to increase their spending on business intelligence and data analytics solutions, as revealed by a Gartner poll.
Trevor Silver has come to be regarded as a leading figure in the analytics and data engineering industry, as well as an insightful investor and entrepreneur. Over the course of 20 years, he has amassed outstanding credentials in the fields of enterprise data strategy, architecture, delivery execution, and managed services, offering agile technology solutions and operational guidance to companies across the healthcare, financial services, telecommunications, hospitality, entertainment, energy, and consumer products industries. As founder and CEO of Exusia, Trevor Silver has built the New York City-based enterprise into a leading provider of analytics, data engineering, and cloud computing solutions to organizations around the world. Since its inception in 2012, the company has expanded its employee base to more than 500, while its exceptional growth rate and client success score have been recognized by numerous publications, including Inc., Crain’s, CIO Review, CIOLook, Industry Era, CIO Bulletin, and Insights Success.
Trevor Silver, CEO of Exusia, Reviews Factors Driving Growth in Healthcare Analytics Market: https://finance.yahoo.com/news/trevor-silver-ceo-exusia-reviews-173600051.html Trevor Silver, CEO of Exusia, on the Importance of Analytics for Boosting Corporate Revenues: https://finance.yahoo.com/news/trevor-silver-ceo-exusia-importance-222000959.html