Data is king in today’s world regardless of what industry you’re in and many economists believe it is a driver for growth and change.
With the numerous social media platforms and network sources, humongous amounts of data are generated every second.
However, the question is, what do we do with them? How do we use them to solve problems? A lot of individuals and organizations have a lot of data but do not know how to process them to gain value so they outsource this responsibility to experts in some agencies to convert the data into insights.
However, if followed correctly, data can be used to solve problems like mapping, crime, disaster management, predictions and so many more. However, in as much as having data helps make better and more informed decisions, organizations need to be cautious when collecting users’ data and sharing it with third parties.
Temiloluwa Sobowale, co-founder of Insightely shares how we can gain more value from our data.
CFA: Temi, glad to have you on the show today.
Temiloluwa: Thank you very much, Mr. CFA, glad to be here again.
CFA: It’s been a while, this is the start of a new year and I wanted to speak to you about data and its importance going forward. So let’s start with how we fed when it comes to maximizing data possibilities in Nigeria in 2021?
Temiloluwa: I think data possibilities in Nigeria are still growing, our rates are about 25% right now out of 100 because a data living company or a data living country, you would know when because the results you get will be enormous, it will be different from what you’re actually getting.
In terms of using data, we’re just going there, we’re about 25% but we’re growing and I think there are a lot of things, like what you’re doing, lots of training, lots of learnings, lots of new organizations, lots of tools are coming out that can help us but last year, we tried our best, it was better than the other year so we’re growing gradually right, but I think we need to move faster because of the kind of things we need to solve.
We need more data, we need more analytics, we need more AI to solve our problem so we have to move faster than we are. I think gradually we’re moving faster than we are but I think gradually we are moving but not as fast as we should.
CFA: Looking into 2022 and beyond, describe to us how important data is to the survival of our country.
Temiloluwa: In terms of data analytics and AI, it is very important for us to know that experience, which is what we rely on in this period of time in Nigeria is failing and it’s not enough.
Data and analytics give you what experience won’t give you, that is access to thousands of rolls and columns and show you patterns that you will not see. your experience will tell you that you did this last year and this year and because it worked doesn’t mean it will work this year, but with data, you’re able to say okay, this is what my experience is.
You look at data, it tells you that this is not where you should go this year, so in-between experience and data, you are now able to say okay, how do I navigate this problem…(what full video here)
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