Leverage on Data and technology to stand out, CBN advises Businesses

Deputy Governor of the Central Bank of Nigeria (CBN) in charge of Operations, MrAde Shonubi, has advised business owners to prepare for the present and future of digital business environment using big data and tech.

He said this at a maiden thought leadership colloquium organised by Greenwich Registrars & Data Solutions Limited, with the theme, ‘Big Data in Nigeria: A Business case in an era of digitalisation and data protection’.

He noted that any organization that failed to jump on this new pace of change wouldsurely go out of business.

To survive in this age, organisations need to have an agile data architecture that will enable them to harness the power of big data and be able to play in their competitive ecosystem.

So I think what we should do as an organisation is to have a very clear vision and a very clear strategy. When we have to look at data, we have to make a conscious decision to look at data as an asset, and to do that, we have to look at the entire organisation,” he said.

He added that if several businesses keyed into this, new data protection would aboundand less information would be lost. He also noted the potency of big data to drive revenue.

Making a reference to an IBM study, the acting Managing Director, Greenwich Registrars & Data Solutions, Obiageli Chiki-Ijegbulam, said the under-utilisation of data was a costly mistake for many organisations.

“An IBM study in 2017 revealed that inferior data cost the US almost 20 per cent of the nation’s GDP –a pretty convincing case for improving and expanding data opportunity,” Chiki-Ijegbulam, said.

Why this matters: In the ever-disruptive world of tech, the use of big data and Internet of things is important. Companies can benefit from analyzing large amounts of IoT big data and manage them to identify how they affect businesses. As a result, it assists business and other organizations to achieve an improved understanding of data, and thus, making efficient and well-informed decisions

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