"Data analytics and computing are at the forefront of a significant new business transformation in the way companies make decisions..."
Charles Morgan, Co-Chair
CEO, First Orion Corporation
Mike Preston, Co-Chair
Executive Director, Arkansas Economic Development Commission
President & CEO, Arkansas Research Alliance
President, University of Arkansas System
President & CEO, Murphy USA
Arkansas State President, AT&T Services, Inc.
Co-Chief Investment Officer, The Circumference Group
Vice President, MISO Energy South Region
CEO, Inuvo, Inc.
CEO, E-Z Mart, Inc.
EVP, Enterprise Chief Information Officer, Walmart Stores, Inc.
EVP, Acxiom Corporation
The Lawrence Group
Director, Arkansas Department of Higher Education
Chief Growth Officer, Tyson Foods
Founder & Former CEO, Systematics
Chairman, President & CEO, Stephens, Inc.
President, Arkansas State University System
Tom Chilton, Director of Division of Science and Technology, Arkansas Economic Development Commission
Blue Ribbon Report
In late March of 2017, Governor Asa Hutchinson kicked off the deliberations of his Blue Ribbon Commission to report on the Economic Competitiveness of Arkansas in Data Analytics and Computing (the “Commission”). The Commission is co-chaired by Charles Morgan, CEO of First Orion Corporation and Founder of Acxiom Corporation, and Mike Preston, Executive Director of Arkansas Economic Development Commission (AEDC). The membership of the Commission draws upon industry executives from many of Arkansas’ leading companies using data analytics and computing to compete across retail, transportation, food processing, agricultural, energy, information technology, and telecommunications sectors with representation of educational leaders of Arkansas’ higher education systems.
The Commission has set out a “breakout” strategy for Arkansas considering the stakes in the economic competition around data analytics and computing. The unprecedented amount of digital information or Big Data being generated from digitizing of records, on-line transactions, social networking, Internet searches and extensive use of sensors and other monitoring technologies is now generating value and competitive business advantage using the tools of data analytics and computing, such as predictive modeling and machine learning algorithms, massive data storage and mining, and data visualization and decision support tools. On its own, the emerging industries providing advanced tools and services in data analytics and related computing will be a nearly $100 billion market in the years to come.
But the economic consequences of data analytics and computing are far greater. Data analytics and computing are at the forefront of a significant new business transformation in the way companies make decisions, design new products and interact with their supply chains and customers in real time.
Arkansas cannot afford to sit idly by as data analytics and computing transform the way businesses compete in the 21st century. As Mike Preston, Executive Director of the Arkansas Economic Development Commission and Co-chair of the Blue- Ribbon Commission, explained at the kick-off meeting, “The future of Arkansas’ economic development is tied to our ability to succeed in data analytics and computing. It is a technology that cuts across our leading industries. If we are to succeed in retaining and growing existing jobs and recruiting industry we have to have the talent and technical capabilities to meet this opportunity.” Charles Morgan, founder and past Chairman and CEO of Acxiom and now Chairman and CEO of First Orion Corporation, who serves as the other Co-chair of the Commission, echoed the concern around measuring up to the talent demands in data analytics and computing. “Software development is totally different now than what it used to be. The best job candidate needs to bring a background in computer science and data analysis, with an understanding of business requirements. A public-private partnership is needed to collaborate in developing the talent we all need in industry to compete in data analytics and computing. Higher education is a strategic partner, but not necessarily the total solution.”
For Arkansas, the breakout opportunity is to partner with its major existing companies in their efforts to transform their businesses to win in a data-driven, real-time, hyper-consumer-focused marketplace. Data analytics and computing is not merely about an emerging new industry of the future, but goes to the basic question of whether Arkansas’ existing industries will stay competitive and be able to generate the high- quality jobs needed to advance the state’s per capita income and standard of living for Arkansans. This is at the heart of the Vision Statement set out by the Commission – data analytics and computing is about existing industries and companies in Arkansas winning in the global marketplace.
The success of Arkansas in advancing its vision of transforming existing industries through data analytics and computing depends upon having a balanced approach of near-term actions that meet industry needs, along with an organizational plan for a sustained public-private partnership effort.