Between the Ideal and the Ordeal: Use of Data for Corporate Competitiveness
Category: Nigerian Economy
January 31, 2012 / Dr. Martin Oluba / ValueFronteria
Knowledge is the last and most powerful competitive advantage. In the absence of good data, this insightful knowledge advantage is rarely gained. Data is therefore a necessary condition for business success and their continued survival.
As critical as it is however the awareness of data availability and deliberate organizational effort to possess it is just the beginning of the journey to competing on analytics.
But when properly processed to unveil patterns, correlations, sequences etc. they provide immense insights that aid sustained innovation and differentiation.
Competition by forward looking organizations therefore is now based on the superiority of analytical insights and value optimization. While the ideal thing is that corporate competitiveness can only be successfully and sustainably built on data, the reality is that obtaining good quality data for decision-making in the Nigerian environment is a big ordeal.