The Group Chief Executive Officer of CWG Plc, Mr. Adewale Adeyipo has described big data as the oxygen of any digital economy and will promote a technology-driven process, which is used to analyse data and present actionable information that will assist businesses and other corporate end users make informed business decisions.
Adewale took this position recently in a written discussion aimed at audience of the Fourth Edition of the Information Communication Technology & Telecommunications (ICTEL) Exhibition, organized by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos. “Data is the oxygen of any digital economy and it is today’s representation of crude oil; as it equips people with the knowledge they need to better solve problems, be it socio-economic or personal financial challenges,” he said.
Specifically, Adewale advised Financial Institutions, especially the banks to develop capabilities in digitally based data and analytics and embed them at the heart of the business, stressing that advanced data analytics greatly increases value creation through improved customer appreciation, understanding and higher-quality lead generation.
He argued that there were three key components of big data, which he believes give customers a uniquely personal experience by making informed predictions about the future and providing easy-to-follow, actionable guidance. The components, according to him are detect, which determines and identifies patterns in transaction clusters; predict, which creates weighted measures across patterns and create new data structures that can be used for predictions and personalization; finally, suggest, which leads to a suggested action and could consist of a reminder to transfer money from one account to another in meeting an obligation.
Meanwhile, asked on the sideline how companies like CWG Plc are leveraging big data to drive business, Adewale responded that big data is evident in the CWG’s many initiatives being rolled out and in the features upgrade of other products within its stable. An example is the ATM Support and Services businesses, where it has over 300 Technical ATM Field Service Engineers operating across 36 States of the Federation, including the FCT; which was rolled out as a result of insights deduced from varying data sources. He went on to mention that CWG was working with key Global Organisations like Gartner, to ensure that, the right data with actionable insights were available to better position the Company to operate competitively within its Industry.
He disclosed that with vast and varied amounts of data generated from the field operations, CWG has met and exceeded its customer’s expectations through the use of mobile, cloud, connectivity and data technology; going by the meaningful insights drawn up through collaboration with its customers, engineers, and back-office staff.
“Big Data has helped us to increase our productivity in terms of planning, allocation, go-tracking and time to market.” he told Journalists. The importance of Big Data can therefore not be over emphasized and it is way past time for every Industry to take advantage of it and plug in technology solutions that will deliver on the successes desired.
CWG Plc, which provides Technology Solutions that enable growth across sectors presently powers more than 60 percent of Businesses in the Financial Industry in Nigeria and 50 percent in the Telecoms Industry.