The business world can take two lessons from the countries that have been most successful in fighting . Data handling, data transparency and clear communication matter. They are an especially important lesson for asset managers who need trust more than anything right now.
Singapore and data
Singapore’s initial response to the coronavirus (COVID-19) has been one of the better in the world, though they are by no means a stretch.
The focus is on what decisions Singapore, as well as South Korea and Taiwan, have taken, and when they were made. But more attention should be paid to how those decisions were made possible and how they were communicated. This holds true for how these countries and their businesses approach the economic transition as well.
In many cases, efficient data handling has been the “how”. It is a lesson that other governments and businesses can learn to try to capture what is happening now, what will happen next, and what may happen after.
A review in The Lancet found that Singapore’s data and information management during the pandemic has been better than the rest of the world. South Korea has started testing admirably and used geolocation data to identify who to test.
It’s China’s fault that it didn’t move fast enough. Transparency remains a matter of concern. But once in motion officials used mobile apps to support 14-day quarantines and infrared cameras in train stations to quickly identify passengers with fevers.
The Chinese authorities will have to work hard to gain trust. The fear that something is being hidden will turn into more problems.
Compare that progress with Europe, where cases in Italy have overtaken the much larger China. European officials are said to be bureaucratic and often technophobic.
This is not how data operations have enabled decision making. This way information is shared rapidly, clearly, consistently and in detail.
We are facing a public health crisis where streamlined and transparent data is critical. Poorly organized data, shared inconsistently, leaves a void full of intrigue and fear.
South Korea immediately deployed a central tracking app that publicly notifies citizens of cases within 100 meters of their current location. The Korean people have embraced clear and reliable access to information. They want to make informed decisions. Citizens want data transparency. They don’t want hidden realities.
Taiwan has quickly and openly shared details with its analysis of the COVID-19 mortality rate. These efforts provide each civilian with a war room dashboard that allows them to feel that nothing is being hidden. Singapore releases detailed information on each case.
lines of communication
Allowing too much transparency has long been a fear in the asset management world. Nobody wants investors trying to grab the steering wheel. It’s one thing to work hard to earn an investment in the first place. Even after changing hands of money, the gram panchayats are disappointed when the question comes.
The allottees have formed their own data team. They have increasingly pushed for more data. Administrators have learned to create and automate dashboards to maintain funds and funds. But it has not been met with enthusiasm. There are concerns setting expectations for data sharing that the fund will later regret.
When there is no good news, there is concern about what the LP will believe in the data.
Funds will perform better when they first show trust, share data, and set up the infrastructure to provide transparency. Asset managers will have more trouble than they bargained for if they don’t fight the disinformation with reliable data.