[ 2016-11-01 ]

PwC calls for data mining by businesses
A partner of PricewaterhouseCoopers, Femi Osinubi,
has stressed the need for businesses across Africa
to place much emphasis on data and analytics in
order to attract more investments into their
respective countries.

He contends, though businesses have demonstrated
the relevance of data to their business growth,
their seeming inability to scrutinize the
information for further action, continuously
affects investment decision across the region.

“We are saying that the data that you have is an
asset to your organization and economy; if you
understand a lot about your data, you can grow
your business for the future…For instance Amazon
will be able to understand a customer more by
monitoring the constant visit to the company’s
website,” Femi Osinubi stated.

Mr. Osinubi made the remarks at an event by PwC to
expose businesses to the importance of data.

PwC engaged the participating organizations by
‘offering them ways to unlock the power of their
data for further action.’

A recent survey by PricewaterhouseCoopers also
indicated that CEOs considered data mining and
analytics as the most strategically important
digital technology.

Femi Osinubi who is also the Data and Analytics
Leader at PwC also tells Citi Business News
critical sectors other than banks and telcos could
also hook onto data usage and strategize for
growth.

“So we are also heading towards predictive
analytics where we can actually predict and help
one to determine what to do with his or her
business in the next few years,” he opined.

“Data and analytics is a growing trend which is
emerging globally…the likes of Google and Apple
have used data and based on comments, they devise
strategies to plan for the next year. They put
together the customer complaints in a bid to serve
the better,” Mr. Osinubi further stressed.

Meanwhile the Data Analytic practitioner has
advocated the need for effective regulatory
framework to protect the source and privacy of
data providers.

“The regulators should work and that could
improve the laws passed by Parliament. These also
include the security and privacy of the data being
published or sent around; those are very important
and there should be laws around that.”

The Country Assurance Leader for PwC in Ghana,
Michael Asiedu-Antwi however believes the passage
of the data protection law should afford
businesses a conducive legal framework to use and
apply data to the benefit of their businesses.

“One important thing which has happened is the
data protection Act which is going to help people
feel at ease. Once people also get data, they will
be required to use only the aspects that do not
make the users expose some sensitive information
that will be disingenuous to persons.”

Though he admits that it may be demanding for
businesses to invest in data, Mr. Asiedu-Antwi
explains to Citi Business News businesses are
rather adopting the principles as they view future
benefits as far outweighing the present costs to
bear.

“More and more businesses are continuing to show
interest in terms of understanding and developing
a response to solve the concerns…the commitment
is there but in terms of cost, the businesses will
be more than ready to meet up with that
considering the benefit from such compared to the
costs that they are incurring,” he observed.
–

Source - Citifmonline

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