By Juliet Umeh
Recognizing the success stories of data-driven organisations across the world, Nigerian businesses have been urged to key in assiduously to provide their customers better services.
Speaking at the Colloquium organized by a data solution firm, Greenwich Registrar & Data Solution theme: “Big Data in Nigeria: A business Case in an era of digitalisation and data protection,” technology experts said organisations that have the ability and willingness to adapt will have upper hand in business.
Deputy Governor, Central Bank of Nigeria, CBN, Ade Shonubi, said the rate of change of technology is beyond imaginable today. He said unless organizations meet up with the change, they are likely to go out of business.
He said: “We have seen so many companies gone out of business as a result of their inability to harness the data and meet up with the pace of change in their environment.
So to survive in this age, organizations need to have an agile data architecture that will enable them play in the competitive ecosystem,” he said.
In his keynote address, a Digital Transformation Strategist, from Copenhagen, Denmark, Steffen Damborg, said companies that go on a digital offensive generate three times more profit growth than their more defensive counterparts.
Damborg said: “Customers demand a multichannel experience. To deliver this experience, businesses need the right skills and behaviour and a tech stack that can utilise big data and deliver excellence across platforms.
“Companies that focus on digital culture achieve breakthrough performance. A digital innovation culture requires acting faster, becoming more flexible, thinking differently and beyond your past successes. A digital culture also attracts and retains the top talents needed for the journey,” Damborg explained.
Earlier in her opening remarks, Ag Managing Director, Greenwich Registrar & Data Solution Ltd, Obiageli Chike-Ijegbulem, said data-driven organizations are the ones that have been able to re-design to harness the data and generate insights that make a quantifiable difference to customers, revenues and profits. She stated that under utilizing of data is a costly mistake for any business.
She said: “An IBM study in 2017 revealed that inferior data cost the US almost 20 percent of the nation’s GDP, a pretty convincing case for improving and expanding data opportunity.
Interestingly, statistics of this sort culminated in the recognition and appreciation of the pivotal role Big Data and its applications play in the building of a dynamic enterprise.
She added that top 10 firms on the fortune 500 are made up largely of technology firms.