Connect with us

E-Business

Without Analytics, AI is Purely Artificial, no “Intelligence”

Published

on

Kindly share this post

Analytics is not a passive tool. Smart business leaders are combining data with multiple machine learning algorithms and in-memory computing capabilities to gain real-time and predictive insights that can assist with quicker and more accurate decision-making.

Without Analytics, AI is Purely Artificial
Despite the current wave of excitement around the importance of analytics within the modern enterprise, BI and analytics have dominated analyst hype lists for more than a decade: in fact, analytics has been the top priority in Gartner’s annual CIO survey for ten out of the last twelve years.

Similarly, predictive analytics is not a new concept that has emerged out of recent technological advances –  financial services companies have used predictive analytics in one form or another to determine consumer credit scorecards and repayment terms for decades.

What is new, though, is the in-memory capability that enables business leaders to make critical strategic decisions as they emerge.

Analytics is not a passive tool used to develop reports from historical data. Smart business leaders are combining data with multiple machine learning algorithms and in-memory computing capabilities to gain real-time and predictive insights that can assist with quicker and more accurate decision-making.

Analytics is such an important component of today’s technology mix that I’d argue it is impossible for technologies such as AI and machine learning to be of strategic business value without effective analytics at their core.

Analytics drive transformation in financial services
In a recent Oxford Economics study of 1,500 global CFOs, business performance analytics was paramount for leaders in the EMEA region.

Smart CFOs are using advanced analytics to understand the market and leveraging insights to generate growth.

Financial services companies are particularly well-suited to employ analytics as a value-generating tool.

By analysing the huge volumes of customer data available today, financial services companies can for instance develop and offer personalised products and services, and unlock new revenue opportunities – and even business models – in real time, based on actual customer, situational, and environmental data.

This changes the game dramatically: insurance companies can now leverage analytics by employing machine learning systems that detect anomalies and unusual patterns to identify potential cases of fraud.

In addition, by extracting insight from customer data, social media, and partner and supplier networks, insurers are able to unlock greater efficiency and improve their competitiveness as they make better decisions more quickly and accurately than before.

SAP Analytics Cloud, for example, incorporates machine learning to enable businesses to run dashboards on live business processes – such as sales performance – and help business leaders understand which of the internal KPIs are having the least (and greatest) impact on overall business performance.

This enables businesses to better understand which factors influence net income ratios at any given time, or have the greatest impact on productivity, which guides business leaders to make better decisions.

Leveraging analytics to drive customer engagement
Predictive analytics, AI and machine learning are also empowering businesses to better understand client needs and provide the personalised services and offers that are the hallmark of modern customer expectations.

With customer data sets growing exponentially, businesses can gain key insights into individual customer behaviour drawn from the types of purchases they make, the car they drive, the life events that impact them, and more.

By analysing these data sets, businesses are developing more accurate and personalised offers to customers and equipping all levels of staff with key customer insights that can improve customer service, brand perception, and customer loyalty.

Businesses are also moving away from “customer processes” and implementing analytics platforms that enable them to create thousands – or millions – of personalised processes in real time based on the needs of each customer.

Since these processes are powered by analytics, they can be far more agile and responsive to change, even updating and improving themselves provided there is effective machine learning capabilities imbedded.

Today’s successful businesses run “live”; in other words, they anticipate, simulate, and innovate new business opportunities with a future-minded approach instead of just reporting past success.

A live business strives to know about problems before they affect the bottom line, or damage customer relationships. Smart business leaders are investing in in-memory operational and analytics solutions that can produce the real-time and predictive insights that helps their businesses run live.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

E-Business

SOPHiA GENETICS Announces Syndicate Bio as First Liquid Biopsy Customer in Africa

Published

on

Kindly share this post

SOPHiA GENETICS, a cloud-native software company in the healthcare space and a leader in data-driven medicine, has announced that Nigeria-based Syndicate Bio has signed on to implement MSK-ACCESS® powered with SOPHiA DDM™.

Syndicate Bio is the first lab in Africa to adopt the MSK-ACCESS® assay via the SOPHiA DDM™ Platform, and the first company to make comprehensive genomic profiling and liquid biopsy widely available to patients throughout the entire continent.

The implementation of this new technology will further existing work from SOPHiA GENETICS, Memorial Sloan Kettering Cancer Center (MSK), and Syndicate Bio to advance health equity on a global scale.

There are roughly 1 million new cancer patients each year in Africa and currently, comprehensive genomic profiling and liquid biopsy testing options are not widely available.

This means that patients are forced to forego this testing or travel out of continent for these testing options. Syndicate Bio’s implementation of this new offering will provide cutting-edge liquid biopsy testing to many of these patients and will help progress the company’s goal of advancing genomics and precision medicine in an area of the world that has been historically underserved in these areas.

“Partnering with SOPHiA Genetics to bring MSK-ACCESS® powered with SOPHiA DDM™ to our lab is a monumental step in accelerating the cancer treatment and research landscape across Africa, beginning in Nigeria. Next-generation sequencing technologies in oncology and liquid biopsy, which this collaboration enables, hold the potential for creating a leapfrogging opportunity in the oncology treatment and research landscape in Africa,” said Abasi Ene-Obong, PhD., Founder, Syndicate Bio.

“Through this collaboration, we aim to enable the widespread application of precision medicine in oncology across Africa, and thus contributing to the improvement of patient outcomes across the African continent.

“We believe our scientific expertise, combined with AI-enabled technologies and data-driven solutions enabled by SOPHiA GENETICS, presents a unique opportunity to fundamentally transform the journey of cancer patients through non-invasive cancer analysis, predictive genetic testing, and effective precision medicine.”

Syndicate Bio is driving genomics and precision medicine initiatives across the world’s most diverse regions through large-scale partnerships with governments, industry, and other stakeholders. Through its work, Syndicate Bio is making local impact while accelerating drug discovery and development.

By focusing on Africa, Syndicate Bio is poised to make a significant impact, starting with Nigeria, by introducing its pioneering clinical oncology offerings in an underserved region.

Through this endeavor, Syndicate Bio aims to improve cancer diagnosis and treatment for African patients. This initiative not only facilitates local next-generation sequencing (NGS) testing and liquid biopsy testing but also extends access to clinical trial participation, empowering patients and healthcare providers alike.

MSK-ACCESS® powered with SOPHiA DDM™  is a decentralized version of a highly validated ctDNA test developed by MSK that involves the deep sequencing of 146 key cancer-associated genes, and will augment Syndicate Bio’s tumor profiling capabilities, allowing them to utilize a small blood sample to generate a comprehensive report in an efficient and expedited time frame.

The use of liquid biopsy is less invasive than traditional biopsy, and can help simplify patient monitoring, whilst driving the uptake of precision medicine.

The offering combines the sophisticated analytics, state-of-the-art algorithms, and decentralized, cloud-based offerings of the SOPHiA DDM™ Platform, with the scientific and clinical expertise of MSK in cancer genomics to provide a best-in-class liquid biopsy solution.

“In our mission to democratize data-driven medicine, our decentralized global network and unique set of partnerships enable us to help reach underserved populations, just as those that are served by Syndicate Bio,” said Philippe Menu, MD, PhD., Chief Medical Officer, SOPHiA GENETICS.

“By implementing this solution, Syndicate Bio will make a measurable impact throughout Africa, while also helping to generate an unparalleled and comprehensive dataset and provide invaluable insights and knowledge to shape the future of global healthcare.”

In late 2023, SOPHiA GENETICS and MSK announced they are working in partnership with AstraZeneca to bring the world-class MSK-ACCESS® powered with SOPHiA DDM™ testing solution to countries and regions around the globe, including underserved areas where access to testing remains scarce.


Kindly share this post
Continue Reading

E-Business

Abdullahi, NITDA Boss Harps on Partnership to Drive Advance Digital Transformation Agenda

Published

on

Kindly share this post

Mallam Kashifu Abdullahi, director-general, National Information Technology Development Agency (NITDA), has reaffirmed the importance of collaboration in advancing Nigeria’s digital transformation agenda.

Abdullahi, NITDA Boss Harps on Partnership to Drive Advance Digital Transformation Agenda

L-R: Mallam Kashifu Abdullahi,  director-general, National Information Technology Development Agency, with Brig. Gen., Abdulrahman Idris, team lead of the Senior Executive Course 46 2024, National Institute for Policy and Strategic Studies, Kuru, Jos during a strategic tour visit to the agency headquarters in Abuja.

Abdullahi disclosed this during a strategic engagement with participants of the 2024 Senior Executive Course 46 from the National Institute for Policy and Strategic Studies (NIPSS), a delegation led by Brigadier General Abdulrahman Idris.

Abdullahi emphasised that no organisation can achieve its goals in isolation, stressing the need for collaborative efforts to harness ideas, experiences and insights for national development. He highlighted the potential of collaboration between NITDA and NIPSS to leverage technology and digital innovation for driving economic growth, creating job opportunities and attracting foreign direct investment (FDI).

“At NITDA, we have re-imagined our social contract with Nigerians, focusing on improving service delivery and fostering the swift growth of the ICT sector,” said Abdullahi. He emphasised the agency’s commitment to serving Nigerians and outlined the strategic direction outlined in NITDA’s Strategic Roadmap and Action Plan (SRAP 2024-2027) 2.0. The SRAP is structured around eight pillars aimed at fostering digital literacy, building a robust technology research ecosystem, strengthening policy implementation, promoting inclusive access to digital infrastructure, enhancing cybersecurity, nurturing innovation and entrepreneurship, forging partnerships and cultivating a vibrant organisational culture.

The brigadier-general provided insights into NIPSS’s role as Nigeria’s foremost policy think-tank, tasked with developing top-class technocrats to drive national development initiatives. He highlighted NIPSS’s contributions to policy formulation and implementation over the years, emphasising the institution’s mandate to address issues of national interest, particularly in the digital economy sector.

The collaboration between NITDA and NIPSS underscores the importance of synergistic efforts in harnessing technology and innovation for national development. By leveraging each other’s expertise and resources, both organisations aim to drive economic growth, foster job creation, and position Nigeria as a leading player in the global digital economy.

Through strategic partnerships and collaborative initiatives, NITDA and NIPSS are poised to chart a path towards sustainable development, leveraging digital innovation as a catalyst for socioeconomic transformation and inclusive growth.

 


Kindly share this post
Continue Reading

E-Business

IvoryPay, Tether to Drive Crypto Transfers Across Africa

Published

on

Kindly share this post

Ivorypay, a blockchain-based payment and remittance firm, has teamed with Tether, the stablecoin pioneer, to improve crypto-based transactions across Africa.

Tether is the business that developed the stablecoin, USDT, and with this agreement, it will mint and issue USDT straight to IvoryPay.

According to the partners, this agreement would provide more dependable and economical digital transaction choices to businesses and consumers across Africa.

Ivorypay will leverage Tether’s widespread acceptance to provide a buffer against the typically unpredictable nature of crypto-currencies, increasing user confidence in using digital currencies for daily transactions as well as cross-border transfers.

“Partnering with Tether is a strategic move that aligns perfectly with our vision of simplifying and securing crypto transactions across Africa,” said Oluwatobi Ajayi, CEO, IvoryPay.

He added: “It gives us easy access to the liquidity we need to cater to more businesses and individuals across the continent and to do that cheaper and faster than anybody else, which we believe will significantly enhance user trust and increase adoption rates across our platforms.”

“This strategic partnership between Ivorypay and Tether represents a transformative step for digital transactions across Africa,” said Aly Madhavji, managing partner of Blockchain Founders Fund.

“By incorporating USDT into their payment systems, IvoryPay aims to increase financial inclusion and streamline cross-border remittances, establishing a new standard for stability and efficiency in the region’s financial services We are thrilled to assist Ivorypay as they endeavour to create new opportunities for businesses and consumers across Africa.”


Kindly share this post
Continue Reading

Trending