Thursday, November 14, 2019 / 12:35 PM / Nifemi Taiyese
for Proshare WebTV / Header Image Credit: WebTV
The Fourth Industrial Revolution (4IR) will ride on digital technology and become energized by big data. Mr. Adeolu Bajomo, the Executive Director, IT & Operations of Access Bank Plc disclosed this at a presentation on "Big Data, Small Data, Game Changers for Digital Transformation" at the recently concluded 2019 Nigerian Fintech Week.
Bajomo said the five most valuable companies in the world, Amazon, Google, Apple, Microsoft and Facebook, leverage big data to do their businesses and deliver innovative services and products.
According to him with the pace of innovation and technological transformation in the globe, rest on five (5) key things which include;
Bajomo stressed that the technology tools could not perform their functions effectively, without the input of data.
Speaking further on developments around Big data, Bajomo said aggregation occurs from different sources driving innovation and information to change the way people live.
Giving further insight into his presentation, Bajomo said in the financial services industry data was crucial and most investments are being made globally in data analytics.
He emphasized the need for improved sensitization of people working in organizations in the area of digitization. Bajomo called on companies and organizations to develop the capacity of their staffers through training, conferences, workshops and masterclasses.
â€œWe need to build our data scientists and not wait for developed countries to bring them to us; there is a need to collaborate with the world to develop best practices in the technology ecosystemâ€ he said.
With the impact of data globally, he stressed the need for companies, organizations and nations to invest more in data security.
According to him, businesses should explore how they could use data to drive sound decisions, discover new opportunities, manage risks, ensure compliance and address regulatory issues.
He was of the view that data can help manage and provide more efficient and smarter organizations across the globe, especially in developing economies.
Bajomo informed stakeholders that the future belongs to companies and people that turn data into compelling products or services.