Sri Lanka should tap into the data mining field to better reap opportunities in the age of Internet of Things (IoT), Capital Alliance Chief Strategy Officer Purasisi Jinadasa said.
Speaking at a business forum held in Colombo recently he said according to McKinsey reports, Internet of Things (IoT) is expected to create US$ 11.7 trillion in economic benefits globally in 2025.
“Data mining has great potential to attract international clients and get the assistance of knowledge workers to convert data into useful information. Less than one percent of data captured globally is converted into useful information,” Jinadasa said.
“Singapore’s asset under management in 2014 was valued at 2.4 billion Singapore dollars, of which 80% came from outside of Singapore. Out of 2.4 billon, 55% came from South Asia. There is a significant market we can tap.All we need to do is to get our financial sector to push reforms necessary to facilitate this type of investment.” he said.
He went on to say that though Sri Lanka has witnessed an increase in tourist arrivals in recent past, the country doesn’t focus on average daily expenditure of a tourist.
He also added that the local tourism sector has completely neglected the ancillary industries such as entertainment, high-end dining, concerts and leisure parks and so on and there is a huge opportunity to increase industry profits by tapping into these areas.
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