The launch of a $1.5 million data analytics lab at RMIT aims to provide a boost to the emerging Data Economy for Australian business.
The NICTA RMIT Data Analytics Lab is hosted by RMIT's School of Computer Science and IT and led by Professor Mark Sanderson and Professor Timos Sellis.
Professor Sellis said the lab aimed to become a hub for advanced data analytics projects, supporting researchers and helping Australian and Victorian businesses compete on a global scale.
"Data analytics - and big data - is one of the next big waves of ICT innovation," he said.
"PricewaterhouseCoopers recently predicted data analytics offers a $3.8 billion opportunity for Australian businesses.
"In the emerging Data Economy, organisations succeed or fail largely due their ability to leverage data and analytics to improve their operational efficiencies, make better tactical and strategic decisions, and create innovative products, services and business models to meet and exceed customer expectations.
"The NICTA RMIT Data Analytics Lab aims to open up these opportunities to Victorian business and government partners."
A joint initative between long-term collaborators RMIT and NICTA (National ICT Australia), the lab will build on RMIT's existing track record of successful collaboration with partners including Seek, Google, Westfield, VicRoads, Public Transport Victoria and ANZ.
The collaboration with NICTA represents an investment of more than $1.5 million to RMIT, with the lab offering space to 18 PhD students, four postdoctoral fellows and international visitors.
Professor Sellis said the lab would specialise in areas such as text, user and data analytics, which have application in industries including health, logistics, smart cities (urban development and transport), environment and security.
"The lab will foster and train a new generation of researchers and research fellows - experts in big data and data analytics - and promote collaborations with other research centres and industry partners, nationally and internationally," he said.