People are more concerned about how their personal data are being used in the 21st Century. At the ‘Thought Leadership Colloquium’ organized by Greenwich Registrars & Data Solution Limited with the theme ‘Big Data in Nigeria: A Business case in an era of digitalization and data protection’, the Deputy Governor of CBN in charge of Operations, Mr. Ade Shonubi made a keynote address via Rakiya Mohammed who is a Director at the Information Technology department of the CBN.
He said, “So to survive in this age, organisations need to have an agile data architecture that will enable them harness the power of big data and be able to play in their competitive ecosystem.
“So I think what we should do as an organization 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 organization.
“So if for example, let us say in Central Bank or as banks, we have our payment infrastructure and we are taking it as our critical information asset, we do everything we can to make sure we protect it, and to make sure we make it better.
“We must make sure we use it to drive revenue or even bring down cost. We have to think about data in that light as well even we want to harness the power.
“The second thing is that we need to have tangible used cases. So when you understand the business drivers for harnessing the power of data in your organisation, you need to also ask yourself: what is it you want to use this data for?
“Is it that you want to increase revenue? Or is it that you want to use it to bring down cost? Or is it that you want to use it to improve the capability of your people so that they are more productive? Or is it that you want to increase customer loyalty?”
The acting Managing Director, Greenwich Registrars &Data Solutions, Obiageli Chiki-Ijegbulam stated, “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.
“Interestingly, statistics of this sort culminate in the recognition and appreciation of the pivotal role big data and its appreciation play in the building of a dynamic enterprise.”