ICAN Chair Says Firms Must Mine Data to Stay Competitive

 Omolabake Fasogbon

The importance of mining data for organisations’ productivity and competitiveness was restated at the 9th Accountant Conference of the Institute of Chartered Accountants of Nigeria (ICAN) held iCanada, recently. 

A past Chairman of the ICAN, Ilupeju/Gbagada & District Society (ICAN-IGDS) Lagos, Prof. Godwin Oyedokun while speaking at the event maintained that heavy data growth and increasing need for data by firms have spurred reinvention in data application and usage

Speaking on the theme, “Decision Making Optimisation through Data Mining,” Oyedokun described data mining as a process employed by companies to turn data into useful information and make informed decisions. He argued that some businesses are still left behind because they have refused to advance from traditional decision making, hence struggling. 

He submitted that making the best of available data via digital tools would guide organisations to making prompt and rewarding decisions that would boost organisation’s turnover.

Stressing on the need for data- driven decision making, he said this would enhance operational efficiency, reduce costs, improve resource allocation and foster innovation.

“Optimising decision -making processes ensure that organisation make effective, timely and informed decisions, leading to improved performance and competitive advantage. It also enhances customers’ satisfaction and provides significant competitive advantage in today’s data- driven environment.” 

Earlier, ICAN President, Davidson C. S. Alaribe, emphasised the need for the accounting professionals to adapt to a rapidly evolving global landscape to enhance accuracy, efficiency, and transparency.

“As we explore sophisticated technologies, we must also champion the cause of ethics and integrity. The trust placed in us by the public, clients, and stakeholders is both a privilege and a responsibility. We are committed to upholding this trust by ensuring the utmost accuracy, fairness, and transparency in all our dealings,” he added.