By Jeremiah Urowayino
A Nigerian Technology Entrepreneur, Abasiama Idaresit has attributed the success of businesses in the future to data, noting that some technology companies that have gained considerable competitive advantage over their peers in the last few decades have won by leveraging data.
Idaresit, who is the Chief Executive Officer of Wild Fusion Holdings, an African Technology Holding company with Digital Marketing, Fintech and Credit Infrastructure subsidiaries across Nigeria, Ghana and Kenya in an interview with Vanguard, made this disclosure, stating that the need for companies to leverage on data cannot be overemphasized. “Just look around you, Artificial Intelligence, automated Content recommendations on Social Media, Fintech and Machine Learning Algorithms are built fundamentally on Data. Look closely at the information coming from customers – you’re most likely to find a lot of requests, inquiries, comments, complaints and so on.
“This information/data contains patterns, insights and most importantly datasets that can unlock predictability, product improvement, business intelligence and Analytics which in turn improves the profitability or competitiveness of any business.
“Hundreds, or thousands of this kind of information, come on a daily basis. Looking at most organization’s internal communication systems, there are exchanges among various departments; accounts, sales, marketing, legal, strategy, production, and logistics. There are thousands of this information floating around inside a company, as well as between the company and the outside world. These rich datasets are both its silver bullet and its Achilles Heel. In our Fintech subsidiary, data can tell your eligibility for a loan including your willingness to repay alongside your ability.
“In our digital marketing subsidiary, what you search for on Google reveals what product you will buy, your ability to purchase or even your socio-economic status. Data is both a valuable asset for a company and also can be misused to the detriment of the consumer. Data in the wrong hands can be detrimental to the society as a whole.
“This is the reason Artificial Intelligence, Data Privacy and Breaches were key components of the The Atlantic Declaration signed last week between the United States and the United Kingdom. As one of the Data complaint licensed companies, I will like to use this opportunity to commend the Federal Government for setting up the Nigerian Data Protection Regulation Framework of 2019. This will definitely go a long way in protecting Nigerians from potential misuse of the country’s data potentially insulating the country from international data threats.
“Being an entrepreneur is not just about making money. Aspiring entrepreneurs must have something valuable to offer and contribute to the well being of the society. The focus should then be on building sustainable businesses that are profitable while at the same time positively impactful to the society. Data is definitely the future of technology business. It must be used responsibly, strategically and most importantly sustainably’’.
Source: Vanguard