Data Analytics: The New Asset And Opportunity For Government

INDIA HAS CREATED perhaps the biggest data repository in the world. It now faces the challenge of using this mammoth information for better governance

- Mohd Ujaley

In modern days, data is an asset and opportunity, and often it has been referred to as a the new oil.Interestingly, India stands tall in this field, thanks to massive focus of the government on digitalization. Today, perhaps India owns the largest complex of data gathered via digitalization of records for purposes like IDs, passports and payment of subsidies. There are a number of areas where huge projects have been implemented, like Aadhaar, passports and the inception of MCA 21, a Mission Mode Project of the Corporate Affairs Ministry. All this has opened up a lot of opportunities to apply this data to improve the citizens' customer experience, to improve government efficiency, especially in delivery of services and to boost business.

According to experts, big data analytics, which then merges into fields like deep learning, machine learning and artificial intelligence (AI), has tremendous possibilities. With internet of things (IoT) now coming onto its own, a whole new world is opening up for data. Big data is characterized by its volume, variety and speed and the analytics involves its processing in a cost effective way in order to draw conclusions for their useful application. Fortunately, in all three key areas, there has been growth – processing power has increased by 40 percent in last couple of years and the cost of storing data has also gone down by 500 percent.