Sudhir Aggarwal, Vice President & Head, Government Relations, Thomson Reuters South Asia Pvt Ltd How is big data likely to play a role in coordination? Technological advances are now revolutionising development, construction, maintenance and day-to-day operations of projects. While the uptake of these transformative technologies has been slow, more and more companies are upgrading their competencies and investing in innovative technologies and new construction techniques.
Leveraging the power of big data and analytics can help in analysing historical patterns; generating predictive insights and enabling preventative maintenance, breakages and downtime, thereby bringing in operational improvements. Comprehensive analysis with big data can also help unearth hidden risks while engaging with investors, vendors, suppliers and other stakeholders and identify those with a track record of financial crime or fraud, thus flagging off 'politically exposed people'. Companies like Thomson Reuters are on the playing field helping organisations to gain insight, take action and get results.
How was your experience in this regard? Thomson Reuters works with governments and corporations across the globe to integrate cadastral management tools to collect and manage property data, and make that data accessible to the public to ensure good governance. Transforming and streamlining existing cadastral management processes foster efficiency. Workflows provide back office logic to support business processes - shortening processing times and reducing operational costs. Thomson Reuters Aumentum simplifies the revenue management lifecycle for governments around the world. It provides a flexible, scalable solution for automating your entire land and tax administration function. Aumentum Cadastre equips land information management professionals with high productivity tools designed specifically to maintain large parcel datasets and improve parcel data quality and accuracy over time. Our Aumentum Cadastre automates cadastral business processes ensuring that parcel data is shared crossing product and departmental boundaries. This eliminates data duplication and the possibility of incorrect description of a property record as it is tracked through the land administration process.
How can big data improve and help manage revenue stream, especially in smart cities? Big data can help in the smart city initiative of the government by tagging land and regularising land tax collection for smooth and transparent tax collection procedure. Scientific valuation can help achieve higher tax collection without increasing the tax across the board and impact every citizen adversely.
Some of the legal solutions can help make legal functions of proposed SPV (special purpose vehicle) smart from day one by enhancing the capacity of SPV significantly and making them better prepared to deliver the end-objective. Big data can help in the screening of entities against financial crime background, KYS, and others to make the development process as smooth as possible.