With the world fast-evolving, and nations gradually becoming less oil dependent, experts have canvassed the importance of data mining for business and economic growth in Nigeria.
Data mining is a process used to extract usable data from a larger set of any raw data for information sharing, among others. Speaking in Lagos, at a financial inclusion forum organised by Eyowo Integrated Limited, the Chief Customer Architect and Data Scientist at Oracle, Dr. Olufemi Oyenuga, said data remains the world’s most valuable resource. He stressed that the same way oil was the defining resource of the 20th Century, data is now the defining resource of the 21st, adding that digital information is unlike any previous resource; it is extracted, refined, valued, bought and sold in different ways.
According to him, data changes the rules for markets, and it demands new approaches from regulators. “To ingest it all, enterprises are speedily building data refineries. The quality of data has changed, too. They are no longer mainly stocks of digital information, databases of names and other well-defined personal data, such as age, gender and income.
“The new economy is more about analysing rapid real-time flows of often unstructured data: the streams of photos and videos generated by users of social networks, the reams of information produced by commuters on their way to work, the flood of data from hundreds of sensors in a jet engine.“From subway trains and wind turbines to toilet seats and toasters — all sorts of devices are becoming sources of data. The world will bristle with connected sensors so that people will leave a digital trail wherever they go, even if they are not connected to the Internet.”
Quoting Oracle’s Paul Sonderegger, Oyenuga said: “Data will be the ultimate externality; we will generate it whatever we do.”Speaking on the value of data, he explained that IDC predicts that “the digital universe” (the data created and copied every year) will reach 180 zettabytes (180 followed by 21 zeros) in 2025.“Pumping it all through a broadband Internet connection would take over 450million years. Most important, the value of data is increasing. Researchers have only just begun to develop pricing methodologies.
He explained that data driven innovation strategy involves managing, acquiring and applying.Furthermore, Chief Executive Officer, Eyowo, Tomi Amao, reiterated the company’s vision with the purpose of solving financial inclusion problems and making daily transactions seamless for businesses in Nigeria.
He said the forum with the theme: “Driving Business growth with data,” was aimed at creating an avenue where retailers and business owners can learn how to improve business performance using modern tools and strategies.
“The boost to your business retail seminar is one of many steps we are taking to achieve our vision, which is to promote and drive financial inclusion throughout Africa. We believe this is very possible,” he said.Amao explained that Eyowo provides simple, modern and reliable financial services to anyone with a phone number, including consumers, retailers, businesses, and developers.