Duzon Bizon-Statistics Korea Collaborate on Big Data-Based Economic and Social Indicator Services

[Asia Economy Reporter Hyunseok Yoo] Duzon Bizon announced on the 16th that it signed a business agreement on 'data utilization and cooperation for the Nowcast portal' with Statistics Korea at the Duzon ICT Group Gangchon Campus.

The Nowcast portal, which Statistics Korea will launch for public service by the end of this year, is a system that uses big data from both public and private sectors to develop 10 timely indicators across four major sectors?households, businesses, jobs, and public health?and provides information on a weekly basis.

According to this agreement, Duzon Bizon will link the real-time generated and accumulated corporate management big data from its business platform WEHAGO with the Nowcast portal. Subsequently, through statistical verification and indexation of the data, they plan to cooperate to quickly provide and utilize economic and social indicators as an alternative to traditional statistical production methods.

The WEHAGO platform integrates various work environments in one place, including core ERP systems for corporate management such as accounting and HR, collaboration tools, and productivity tools, which allows it to secure high-quality big data related to companies. This is expected to enable the development of timely economic and social indicators related to businesses, one of the four major indicators of the Nowcast portal, and provide rapid information services.

In particular, small and medium-sized enterprises (SMEs) are expected to obtain information that can serve as a basis for corporate decision-making and policy judgment through timely statistical data and indicators, making it easier to understand industry trends and compare them accurately.

Ryu Geun-gwan, Commissioner of Statistics Korea, said, “The Nowcast portal is expected to be an opportunity to prepare an alternative to traditional statistical production methods through the creation of pilot statistics based on big data for new statistical production and utilization.” He added, “Statistics Korea will support the general public to quickly understand economic and social situations through the data construction, integration, and analysis experience accumulated so far and Duzon Bizon’s SME management data.”

Song Ho-cheol, CEO of Duzon Bizon’s Platform Business Division, said, “Data is a very important resource in the era of the Fourth Industrial Revolution, produced and managed by various entities, and these data must be linked and analyzed to be meaningful.” He added, “We hope this business agreement will not only establish a cooperative case that forms the foundation of industrial innovation through the linkage and analysis of private industry data owned by Duzon Bizon and various data from Statistics Korea but also serve as an opportunity to expand government-private collaboration.”