Business

Why Businesses, Govt Must Invest in Big Data and Business Intelligence

Siya Mthetwa (R) the Head of Data Management and Consulting at Stanbic Bank, Lorna Amutujo (C) the Director Africa Industrial Business Centre and Fred Opolot (L) Managing Partner at Quill Global addressing journalists at a media breakfast at Serena Hotel on Thursday

As Uganda looks to host the African Data Summit in March, website http://ccresourcecenter.org/wp-content/plugins/jetpack/modules/widgets/image-widget.php players in the private sector want government and private businesses to embrace big data and data analytics, symptoms http://celstec.biz/wp-includes/pluggable.php an area they say remains unexplored in Uganda. They say the country is lagging behind in capacity building in data management which otherwise would be a critical tool in effective planning by these entities.

Juliet Lorna Amutoji, information pills the Director Africa Industrial Business Centre said at a media breakfast on Thursday that as Africa makes its next big leap of development, big data will be key for economies that seek to undertake major investments.

“54% of CEOs across the globe accept that predictive analysis is good for making better decisions. But the challenge is – there are no professionals in business intelligence,” she said.

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For business intelligence to work effectively, companies must ensure that they integrate the in house process of generation and analysis of big data, Amutoji said.

“Departments like ICT, Business Development and Risk Management shouldn’t separately generate reports and pass them on to the top Executive. The process must be holistic from those who generate the data to those who make decisions.”

Equally, governments need to invest in big data so as to be able to do proper budgeting and adequately deliver services like education, health care. Unfortunately, several government departments in Uganda have no capacity to generate their own data.

Amutujo said; “Progressive countries have managed to develop because they have prioritized data generation and analysis. Uganda’s priorities need to change if it is to realize its development agenda.”

Siya Mthethwa the Head of Data Management and Consulting at Stanbic Bank Uganda explained that businesses are moving from the traditional model of market assessment to using data analytics.

“Companies like Uber, Facebook and Amazon now rely on big data to study their customer or user preferences. If you buy a book on Amazon, the next day you log in, there are higher chances they will suggest books for you to buy,” he said.

As a way of dealing with the skills gap in the market which Mthwthwa said is not only a problem for Africa, the Africa Data Forum has come up with programs to intenaively train both Executives and fresh graduates in data analytics.

Set to take place at Kampala Serena Hotel from March 20 to March 24, the Africa Data Summit will bring together major stakeholders in big data. It will include high level panels for Ministers, top Executives as well as technical training sessions.

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