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Fusionex

Big Data For Business Success

Telematics, Big Data, and Analytics are the three big important ways that are driving the auto industry forward. In this article, we will see how big data analytics, with the insights of information processing, can help transform the automotive and transportation industry globally.

The future of telematics is with big data.

Traditionally, in most automotive and transportation enterprises, specialized business processes have always been analyzed and modeled on whatever limited empirical data or contextual information was available to them. Proper data was few and far between. Or, even if the required data was available, enterprises hardly had any technological know-how with them to harness all the information necessary for their use. It was quite a difficult task to deal with such a situation where enterprises heavily relied upon conventional methods such as going through previous driving records, including taking into account people’s age and gender, locale demographics to accurately predict risk levels among its consumer base. This was something haphazard, awkward and unreliable.

Now with the advanced big data analytics, accessibility to scores of information and the science of telematics are putting the current understandings in new light, offering new conversation starters, and creating new potential outcomes that were not really possible before. Fusionex “Big Data” as we know it is changing everything for the better. It is changing how the vehicles are built, how they work, how we use them and how they collaborate with everything else in this world: From vehicle-assembling to insurance underwriting, to traffic modeling to optimizing traffic routes, Big Data is changing the world of car/fleet transportation industry in a big way.

Big data analytics plays a very important role in the telematics field. The fact of the matter is that the science of telematics which involves telecommunications and vehicular technologies demonstrates how big data analytics can improve supply chain management, fleet management, increase yield and drastically reduce material costs, not to mention the quality and safety issues that never get compromised using proper big data analytics. In fact, the use of relevant data directly leads to more opportunities. It is in this context we will see how Big Data is bringing transformative elements into the various industry sectors especially in insurance, financial, automotive and transportation and other sectors and improve their business processes.

Telematics All The Way

Telematics is ushering an era of big changes. The way vehicles are insured and how they are driven or repaired are all changing for the better.

Earlier, we have seen that insurance and maintenance standards of vehicles were based on some kind of conjecture and the rough utilization of crude data that was available at hand. But with the use of telematics, a strong evidence of data is promptly accessible that can revamp entire branches of the commercial enterprises and change drivers’ driving behaviors.

Thanks to telematics, the wealth of data that can be derived from vehicles can also be made available to drivers. This is also one of the big changes that telematics promises. As far as valid data is concerned, there are simple ways people can immediately access from their connected car, and this same data can also be transmitted to the manufacturers or insurance companies for that matter. So when data is available and is accessible to users then there is going to be better understandings of their vehicles’ performance, ultimately resulting in helping drivers adopt good driving behavior. Drivers will have access to GPS-related data that will let them know their driving styles, including real-time information on fuel consumption, speed limits, hard acceleration, braking, phone distraction, etc. All this useful information can impact not only their driving performance but also can extend the longevity of their cars.

fusionex international

Driving Innovation and Continued Growth for Auto Insurance

To give you just one example: Consider the insurance industry. Using the great combination of telematics and big data analytics, insurance companies are able to enhance their business processes to an extent that was not possible before.

Basically, the insurance industry is based on analytics and probability. Therefore, to have a proper access to accurate and in-depth data that identifies with every customer’s lifestyle and risk always works in the best interest of the insurance industry. This is an area where telematics has been adding quite a lot of significant value propositions that matter greatly to both insurance companies and their paying clients alike.

With telematics and big data analytics, insurance companies don’t have to resort to guesswork to fix premiums for their customers. It has enabled insurers to reward policyholders, who display good driving conduct and check their vehicle health stats, with lower premiums and rebate offerings by taking the guesswork out of the equation. This is nothing but a big data approach to telematics insurance.

Telematics is a positive trendsetter and has grown exponentially in recent years. The positive impact that it has over companies and consumers alike is proving to be a win-win deal for everyone. And as far as telematics is concerned Big Data would be there too, working hand in hand. Not only consumers but automotive manufacturers and service providers as well are going to get greatly benefitted from the marriage of big data and telematics. And since the relationship is really symbiotic, big data is going to be the future of telematics. Embrace big data and telematics in a big way!

 



The entrepreneur who turned down US$63m

PETALING JAYA, July 21 — Ivan Teh, Fusionex founder and managing director of AIM-listed Fusionex International Plc, has quietly gone on building a big data company that has had an eye-popping 1,000 per cent cumulative growth rate since its launch in 2006.

There are many things that stand out about Ivan, but one of them is this – his business had no angel investor, nor any venture funding. It was purely built on cash flow from satisfied customers and, in the first six months, on the sweat and toil of Ivan who put in 18-hour workdays to understand customer needs and build the software platform himself. He was a one-man show.

“It was an intense period,” he concedes, looking back. “I was speaking to my contacts and potential customers trying to understand their needs and to get a finger on the pulse as to why people would purchase my software. This was then followed by a lot of thought processes that went into trying to do something different.”

And what was this something different?

Fusionex Founder
Fusionex Founder

Nothing sexy, really. He just resolved to give customers a solution that was easy to use and effective to help them make sense of their data.

“People get confused. There are a lot of options out there to build your own big data solutions but in all honesty, most organisations don’t care, or don’t have the skill sets. This was the pain point I wanted to solve,” he says.

As anyone who has ever tried it knows, the hardest thing to do is to hide the complexity of very tough problems behind an easy-to-use front-end solution for customers.

This then translated into building the platform that Ivan worked on himself.

“From preparing the templates to coding the software to the documentation, I did it all myself,” he says, adding ‘pau ka-liao,’ colloquial Hokkien that roughly translates to ‘doing everything by one’s self.’

“It was an intense, exciting and, to be honest, painful time, but the great thing is that you woke up every morning highly motivated because you knew you were not doing anything monotonous,” he says.

Fast forward from those startups days in 2006 to Dec 18, 2012 and Fusionex listed on London’s Alternative Investment Market (AIM) exchange with a big data focus, one of the sexiest terms in tech today.

Indeed, during the pre-IPO (initial public offering) roadshow, 38 of the 50 institutional investors who approached came on board. “The response was overwhelming,” says Ivan.

In all, Fusionex had RM200 million (US$62.8 million) committed to it, with the IPO offer oversubscribed by 300 per cent.

Amazingly, Ivan only took RM60 million (US$18.9 million), which is what his company had set out to raise. “I was told it was quite unheard of. But to me, taking all that money comes with a sense of responsibility. You have to do something in return. We could have taken the money and spent it differently and on the wrong strategy. That does not help your credibility,” he says.

Instead, what he did earned Fusionex huge credibility and translated into the fact that there were no selling shareholders on its IPO. In fact, everyone was interested to buy more.

Ending Dec 31 2012, Fusionex’s share price stood at £3.965 (RM21.48), more than double its IPO price of £1.70 (RM9.20) on Dec 18 2011. https://www.malaymail.com/s/710859/the-entrepreneur-who-turned-down-us63m



Pikom inks MoU with Fusionex to achieve goal of training 20,000 data professionals

The National ICT Association of Malaysia (Pikom) has signed an MoU (memorandum of understanding) with big data analytics solution provider Fusionex for it to train local talents in the area of Big Data.

Fusionex Ivan Teh will equip ICT professional with the right skills in line with the Government’s goal of achieving 20,000 data professionals by 2020, the organisation announced at the Pikom Leadership Summit 2017.

“We found there is a talent mismatch today as many graduates are not aware of what the industry is looking for today,” said Pikom chairman Chin Chee Seong.

“We are also working very closely with the Education Ministry and universities to design courses to align them with the demands of the tech industry.”

“There is a real importance to align what the academia produces versus what the industry wants and that is an ongoing challenge and something we are really working hard to tackle now,” Teh said.

Among the skills that are in demand include data analytics and project management.

The industry body also inked an MoU with CyberSecurity Malaysia (CSM) to combat the recent rise of cyberthreats. It will give CSM access to security services and solutions from its members.

It also signed an MoUs with the Malaysian Association of Tour and Travel Agents (MATTA) to promote the adoption of digital platform in the travel industry.

Ivan Teh
Ivan Teh

Chin says that most SMEs (small and medium enterprises) in the travel industry have yet to embrace and reap the benefits of digitalisation.

Transport Minister Datuk Seri Liow Tiong Lai who officiated the event, said that with the partnership, travel and tour agents should take the opportunity to market their services online and this is a step in the right direction in embracing digital economy.

“These initiatives will certainly help in expanding opportunities for the SMEs in their respective sectors and we need to keep up and embrace change as there is a rapid convergence between the physical and digital world,” said Chin.

Read more at https://www.thestar.com.my/tech/tech-news/2017/11/23/pikom-inks-mou-with-fusionex-to-achieve-goal-of-training-20000-data-professionals/




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