Leveraging data mining as tool for organisational growth

Experts have urged organisations to explore possibilities offered by data mining to increase their productivity. The experts at a forum recently highlighted the importance of mining data for organisations’ productivity and competitiveness, stating that exploring the sub-sector has helped many organisations to drive their decision-making processes with ease.

At the ninth Institute of Chartered Accountants of Nigeria (ICAN)-Canada International Accountants’ Conference, a past Chairman of the ICAN, Ilupeju/Gbagada and District Society (ICAN-IGDS) Lagos, Prof. Godwin Oyedokun, said optimising decision-making through data mining offers numerous advantage like improved operational efficiency, enhanced customer satisfaction and a stronger competitive edge.

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 organisations’ turnover.

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

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

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

He said while emerging technologies like artificial intelligence, blockchain, and big data analytics offer unprecedented opportunities to redefine their capabilities, the tools allow them to perform complex analyses faster than ever, predict trends, and gain insights previously beyond their reach.

He said by leveraging the technologies, they would transition from traditional roles of compliance and oversight to becoming strategic advisors, indispensable to business growth.

However, he advised that as they harness the sophisticated technologies, they must also champion the cause of ethics and integrity.  He added: “The trust placed in us by the public, our clients, and stakeholders is both a privilege and a responsibility. We are committed to upholding this trust by ensuring utmost accuracy, fairness, and transparency in all our dealings.

“We are focused on preparing the next generation of accountants. We are dedicated to investing in education and continuous learning to equip our young professionals with the skills needed to navigate this new technological era. Initiatives like the ICAN Accountability Index and our commitment to international collaboration and standards are foundational. We will continue to build on these with a focus on technological literacy and ethical leadership.”