By Kehad Snydewel
In the modern world, the pursuit of money has, to many, become an obsessive activity. There’s nothing wrong with that, as long as it’s done with a certain goal in mind. This topic recently came up and led to quite a discussion. It got me thinking. We are consumed by the need to acquire things, material things, and as much money as possible. It is not just a Namibian obsession; all around the world, it seems people are pursuing the same goal. Having money to buy nice things, a nice house, a nice car and nice holidays is great. Having stacks of money just to have it makes no sense. The same can be said about information and data as an organization; it’s what you do with it that matters. Using the information and the data at your disposal can be a game-changer for an organization and, ultimately, for your stakeholders.
Companies, Governments, and Institutions are constantly collecting and producing data. Through their websites and, apps customer surveys, every time you scan a barcode or a QR code, more data and information are collected. Everything is measured and stored, both quantitively and qualitatively. The harvested and stored data has become known as Big Data. This information is collated, analyzed, and used to make decisions. Using it makes your business more intelligent, agile, and flexible. It allows for near-instant reaction to outside influences and makes organizations more proactive.
In Government, it is used to plan the direction and development of the country, the recent Census is a good example of this. The ministries will use the census information collected for Namibia’s future socio-economic development. Some companies have built their whole business model on analyzing data and information. Facebook, Google, or large online retailers that sift through your purchasing patterns and suggest other possible purchases. Anything to keep you buying stuff.
Information, data, and business intelligence give an enterprise a competitive advantage. Some say it gives you ‘the edge’. Information and data are an invaluable asset if you use it correctly, just like money. Companies and governments harvest data and store petabytes of it but don’t always leverage it as effectively as possible.
If you have money that you don’t know what to do with, you call upon a financial advisor. In the same vein, experts can assist organizations in harnessing all this information and making it work to perfect service delivery, create efficiencies, or increase productivity. Data Analytics (DA) and Business Intelligence (BI) software are used worldwide. Namibian industries like banking, insurance, and retail, as well as (local) Government, can leverage DA and BI, discover patterns of behavior, and figure out what products or services are popular. The hospitality industry could use all the data on tourists coming to our beautiful country to grow the industry and cater to the needs of travelers.
Recent innovations and developments in Artificial Intelligence (AI) tools mean you can now detect inconsistencies in your information and data in real time. For example, if your data or analytics results are out of sync with expectations, an AI chatbot can help investigate why this might be the case. It can assist in cleansing your data, leading to major savings and improvements in processes and making an organization more efficient and agile. Ultimately it translates into better customer service.
Just imagine using the data to implement and execute; faster reporting, analysis, or planning, make better predictions and business decisions, improve workflow, cut costs, tailor customer interactions, or improve your competitive advantage. These are just a few of the things that DA and BI implementation allows you to do. By capturing and utilizing the information and data that is swirling around in the organization, you can make your organization more competitive or streamline processes.
Information must be used intelligently; it must also be stored securely and according to international regulations. Most countries have strict laws regarding safe data storage, which usually cover privacy guidelines as well. If you have this in place as a business or as an institution, you can leverage it to improve your business, your organization, or Government services. If you are unsure of how to do this, just as you would get a financial advisor, engage a Business Intelligence consultant. Namibia has data analytics and business intelligence specialists and hiring them will take your organization to the next level, no matter the size of your organization. It will be a game-changer, and the impact will be almost instantaneous.
Kehad Snydewel is the Managing Director at Green Enterprise Solutions