The modern business marketplace has turned into an environment, driven by data.
The role that data plays, cannot be under-estimated, as it empowers business leaders, in making informed decisions, based on available and verifiable facts, trends and numbers, from statistics.
With so much information flying around, however, business leaders must be able, to maximise the right information, to make the best of decisions, concerning the growth of their business.
These and many more, are the reflections, of Dr. O. Olufemi Oyenuga, Chief Customer Enterprise Architect, Oracle Ecemea, during a lecture he delivered, at the Eyowo Retail Workshop, held on Saturday, February 8, 2020.
Speaking on the theme, “Driving Business Growth with Data”, Olufemi affirmed that, Data is the world’s most valuable resource and the same way oil was has defined resources of the 20th Century, so, data is now, the defining resource of the 21st.
In light of this, he stressed the need, to control data, else, it would be quite difficult, to predict the outcome of the business.
“You can maximise the return on investment, once you know your data. If you understand what data is, you can make information management, (data), a pivotal tool kit, in front of enterprises, globally”, Olufemi stressed.
Using statistics, culled from “The Economist”,
•84% of S&P 500’s market value is, intangible assets
•$430b advantage, to those who analyze all data and deliver actionable insights
•10X return on information investment
Corporations that consolidated and brought efficiency, to both resource discovery and refining, in the early days, of oil’s exploitation, are still with us today and in fact, more dominant, than ever, despite a hundred years of government-enforced break-ups and regulatory interventions, to limit, or, constrain their position.
“The fact that, digital information, unlike oil is, “non-rivalrous”, meaning that, it can be copied and used, by more than one person, (or algorithm), at a time, creates further complications. It means that, data can, easily, be used, for other purposes, other than those agreed”, Olufemi emphasised.
On Data economy, Olufemi noted that digital information is, unlike any previous resource; it is extracted, refined, valued, bought and sold in different ways.
It changes the rules for markets and it demands new approaches, from regulators. To ingest it all, Enterprises are, speedily, building data refineries.
The quality of data has changed, too. They are no longer, mainly, stocks of digital information—databases of names and other well-defined personal data, such as age, gender and income.
The new economy is more, about analysing rapid, real-time flow of, often, unstructured data: the streams of photos and videos generated by users of social networks, the realm of information produced, by commuters, on their way to work, the flood of data, from hundreds of sensors, in a jet engine.
From subway trains and wind turbines, to toilet seats and toasters—all sorts of devices are becoming sources of data.
The world will bristle, with connected sensors, so, that people will leave a digital trail, wherever they go, even, if they are not connected to the internet.
“Data will be the ultimate externality: we will generate it, whatever we do. Most important, the value of data is increasing. Researchers have only just begun, to develop pricing methodologies”.
Simplifying the value for the Demands of the Data Economy:
- Undertake all Information Management activities in the Cloud
- Meet ever more stringent regulations, across multiple geographies
- Discover, value and incorporate external data, into existing sources of information, within a timescale that, enables outcomes to be changed and the value of that data, to increase.
The Demands of the Data Economy:
- Machine-assisted human intelligence
- Change the Way We Work
- Relevant insights, in real-time, at the right time
- Enabling collaboration that boosts productivity
- Apply Machine Learning / AI and Cognitive technologies, in real-time across, potentially, all the data sources used by an enterprise.
Featured Image: Dr. O. Olufemi Oyenuga, Chief Customer Enterprise Architect, Oracle Ecemea [CTO], delivering his lecture around the theme Driving Business Growth with Data at the first edition of the Boost Your Business with Eyowo retail and business workshop in Lagos.
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