Undoubtedly, one of the most engaging and increasingly important areas of discussion since the dawn of the 21st century has been on statistics and getting right data. Today we talk of open data, big data, and the right data.
All around us, we observe the quantum leap in the type, size and scale of data that is being driven by rapid advances in the world of computing. Vast amounts of data are being generated every second of the day, across the world in various forms and across various sectors, what we call ‘Big Data’.
Given the vast amount of data produced daily and its importance in providing information, as well as the importance of information in making decisions for progress, whether as a business, an economy, or a country, or as individuals in our daily lives or as entrepreneurs, the question that confronts us in Africa today is: How can we take such data and turn it into actionable insights to better our lives, businesses, and economy?
The growing importance of data in the global environment is indisputable.
Data is making an impact on every sector across every industry on a global scale. Whichever industry you work in, or whatever your interests, you will almost certainly have come across a story about how “data” is changing the face of our world.
It might be helping to cure a disease, boost a company’s revenue, make a building more efficient or be responsible for those often irritating but targeted advertisements you keep seeing on your ‘smart TVs’ or on your phones as text messages or in those free apps we use on a daily basis. From administration to astronomy, biology to business, housing to health, engineering to the environment, commerce to community, marketing to management, infrastructure to industry, and policy to politics, it has shaped and continues to shape practically every area of human life.
The value of data is becoming more and more apparent as we continue to move towards an information-driven economy where data has become the new currency. In oil producing countries like Nigeria, some say data is the new oil.
The volume of data and information which businesses now process on a daily basis is on an unfathomable scale. The advent of connected devices, smart infrastructure, complex networks and the constant availability of digital services mean businesses are sitting on a wealth of data and consequently information.
Have you wondered how come Google, Facebook, Twitter, Instagram, Whatsapp, etc. offer applications and services free of charge but at the same time these companies are worth billions? Are they being foolish? Are we being smart using such important applications for free? Data is the reason Amazon knows which book you like to read before you do or why Apple Itunes can recommend music and videos to you before you ask.
According to a recent Capgemini poll of over 1000 firms, 65 percent of respondents believe their companies are at risk of becoming uncompetitive as a result of the highly competitive data market.
Because of the strategic importance of big data, 36% said they had to work around IT staff to perform the essential data analyses to acquire business insights. Big data is disrupting traditional company boundaries and allowing new providers to enter their market, according to 64% of respondents. Over the next three years, 54 percent of respondents expect their big data investments to outperform previous efforts.
43% have already or are in the process of reorganizing in order to exploit new big data opportunities. ÀaData aids the decision-making process by enabling us to establish numerical benchmarks, monitor and evaluate the progress of policies or programmes, ensuring that our policy interventions are well designed, meeting initial aims and identifying any areas which require improvement. Accordingly, the significance of statistical information for making evidenced-based decisions that guide the implementation of new policy, monitoring of existing policy and evaluation of the effectiveness of policy decisions can therefore not be over-emphasized.
Without these, we cannot make well-informed decisions that will catalyse our socio-economic development and secure the lives of future generations. It is when we are able to collate, understand and interpret data correctly, as well as identify key areas in our society or our economy that require change, that the policy prescriptions and direction of our governments and businesses are more likely to respond to the real needs of our communities.
Emmviron is a fast growing Data Innovation, Analytics and Market Research Company in Nigeria who offer our services for small, medium and large scale Enterprises. Our mission is to make it easier for more people to use Big Data Analytics to harness their Business and use it to identify new opportunities which in turn leads to smarter business moves, more efficient operations, higher profits and happier customers. Our Vision is to transform a world of data into a world of Decision making grounded in trusted data and assisted by the power and scale of Emmviron.
We are set to improve Nigeria Economy by producing more than 1000 striving businesses with our service input which contributes greatly to company marketing strategies, which in turn lead to improved customer relationships, client retention, and thus, revenue. With properly structured data, marketers can segment customers as sub-groups with their specific features and activities online. Moreover, based on customer data, companies can identify their loyal customers who are repeat buyers and who recommend your brand to their friends and family members.
Besides, Big Data helps to measure people’s reactions to each marketing activity. With Big Data analytics, business intelligence can be improved by making positive changes such as improving existing products or increasing revenue per customer.
For example, you can customize operations and improve customer journeys, in which every single client receives products or services based on their personal preferences. Based on careful monitoring, they can also adjust prices to their products and services in real time. With this information a company can measure ROI, as Big Data takes into account all marketing channels, activities, and investments and conducts a cost-benefit analysis of each element. Thus, you get the option to track your marketing activities and the corresponding budget.
Our services will also help increase productivity and efficiency gains. Using data analytics, you can discover new information and identify patterns that enable to improve your business processes, increase supply chain efficiency, and identify variables that affect production quality, volume or consistency. On a similar note, Big Data analytics also help uncover defects in processes and improve overall product quality, as well as reduce variation in quality.
On top of increased product efficiency, Our Data analytics service also contributes to the development of company’s new products or services. By analyzing data trends and identifying patterns, a company can create products that connect with the consumer, provide increased consumer value, minimize the risks associated with a new product launch, and both allocate and coordinate the use of internal resources efficiently. Through data modeling, companies can also forecast the performance of the new products in the market both pre and post-launch in real time, determine the optimal distribution chains, and optimize marketing strategies to reach out to the greatest number of customers at the lowest cost.