Creating value from data strategy
According to Mr. Huynh Long Thuy, General Director of VieON, 10-15 years ago, building a service website or application was simply building a product and releasing it to the internet. The publisher then only needed to advertise the product so that users could easily know about it, access it and use the service.
However, with the rapid development of technology and the Internet, more and more technology products are developed and put on cyberspace, and competition is increasingly fierce and fierce, leading to thinking about data and using data to manage operations and develop products starting to receive more attention and interest.
“ For an application or product to be successful, it is imperative to pay attention to the factors of creating, managing and operating that product entirely based on data. Therefore, the VieON Entertainment OTT application, right from its inception, has had to pay special attention to the use of data in its management and operations, ” said Mr. Thuy.
Mr. Huynh Long Thuy, General Director of VieON.
In the business environment, information about market data and business sectors is very important for planning the development strategy of the enterprise. Building a system to collect market information is very necessary.
Data information can be market research, surveys, listening to information about a business's products and services on social networks, or about advertising and promotional strategies of competitors in the industry. This information will help make the right and necessary management decisions at all times.
Making decisions based on data instead of making decisions based on emotions will help businesses be more secure in terms of operations and help businesses better understand the development direction of the company.
Making decisions based on data instead of making decisions based on emotions will help businesses operate more effectively. (Photo: Le Anh Dung)
According to Mr. Thuy, data in the big data model has a very large capacity (hundreds of TB or more), and is processed in real time. Therefore, identifying valuable data among millions of millions of data is an extremely important task.
“ You can imagine the data processing model as similar to taking apart Lego pieces and putting them into a big box. The task of data processing is to arrange, summarize and model them into objects like houses, cars and tell the message to the business people to listen and understand what the data is conveying.
Data is only truly valuable in how people read and use it. Whether users can understand the data easily or not depends on how we present the data, ” Mr. Thuy analyzed.
Highlighting the importance of data governance, Mr. Luu Hoang Phu, a data governance consultant at FPT IS, stated: Data governance will allow an organization to manage its data as an asset; Monitor and guide policy compliance, data usage and management activities...
Mr. Phu outlines the enterprise data management journey as follows: Designing data models, data storage and data security, and developing integration and interoperability of data systems; The data mining phase requires development in data quality, metadata, and data architecture. Once the data is well managed, perform advanced analytics.
Mr. Phu also proposed a recommended linkage model for businesses/agencies/organizations in Vietnam. In that linkage model, a data management organization coordinates with many units to maintain consistent definitions and standards within the organization; making data sharing between business units safer and easier; and centralizing data to exploit large problems more effectively.
“ In the context of many difficulties in meeting data consistency in large systems due to data coming from many data sources with different definitions/versions, the federated model will save costs and increase operational efficiency by eliminating waste and duplication in data entry, processing and storage ,” Mr. Phu emphasized.
Data security should be taken seriously.
One of the prerequisites in implementing the construction of a data system is data security and compliance with Vietnamese law on information and data security.
Therefore, when businesses start deploying big data systems, they need to pay special attention to building internal data security policies, service terms and conditions for product users must always comply with the provisions of the Law on Cyber Security, Decree No. 53/2022 of the Government detailing a number of articles of the Law on Cyber Security...
One of the prerequisites in implementing a data system is data security.
In particular, businesses need to strictly comply with Decree No. 13/2023 of the Government on personal data protection, effective from July 1, 2023.
“ Companies and businesses that have previously issued policies and implemented privacy management activities in accordance with general information security regulations or other privacy regulations will still not be considered to have complied with Decree No. 13.
Businesses need to start reviewing their internal policies and privacy management practices immediately to identify gaps and inconsistencies between their internal policies and implementations and the requirements of Decree No. 13 and plan corresponding actions ,” Mr. Thuy noted.
Some of the key regulations to comply with include: identifying the type of personal data processed; identifying the legal basis for processing personal data; requirements for notification of personal data processing; privacy notices; implementing a mechanism for individuals to withdraw consent; implementing a system for handling data subject requests; data protection and notification/reporting of violations of data protection regulations…
From the perspective of a security expert, a representative of Viettel Security pointed out some data risks in businesses: disgruntled employees (facing notices of dismissal or about to quit, being mistreated by superiors and wanting to retaliate) can cause harmful behaviors to the organization.
Employees feel they have the right to use/take advantage of sensitive information; work conflicts with coworkers can cause behaviors that are harmful to the organization; religious and political beliefs can promote harmful behaviors.
Criminal organizations or spy agencies may hire employees to carry out insider activities; employees may be looking for a quick buck to solve financial problems…
To avoid risks, Mr. Thai Tri Hung, CTO of Momo, recommends that businesses deploy multi-layered data protection solutions. Specifically, the Technology layer will design multi-zone data, encrypt all important zones, implement decentralization, monitoring systems, and proactive prevention.
The Policy layer will restrict access, regulate usage, data ethics… The Human layer will educate awareness, monitor with tools, prevent with technology.
“ Applying data to business operations is clearly the right thing to do, but to achieve positive results from a data strategy, one needs to be fully aware of the possible risks, and always be skeptical of ‘statistically significant’ conclusions ,” Mr. Hung advised.
Hien Minh
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