Big Data is Transformative -Otiti

Taiwo Otiti, country general manager, IBM West Africa is an accomplished technology and financial services professional with vast change management and business transformation experience.
He is the current chair of the Nigeria Institute of Bankers Information Technology Technical Committee, and a member of several Government, Banking and Technology industry associations and think tanks.
Otiti told peter ugwu in this interview  how Government and corporate organizations can leverage on Big Data era and IBM’s contributions towards Nigeria and Africa’s economic development.

Big Data Concepts and Application
Big Data is basically structured and unstructured data. The concept refers to ability to collect and analyze the vast amounts of data we are now generating allover the world. We generate about 2.5 quintillion bytes of data from a variety of sources daily – from climate information, to posts on social media sites, and purchase transaction records to healthcare medical images.
 It would be interesting to know Africa’s share of this global data mix, especially mobile communications adoption on the continent continues to grow.
Examples of structured data are financial records, medical records, identity records and everything that has been configured into a format that we can easily understand, while unstructured data is usually information which exists in some sort of random format, for example, information harnessed from business and social media platforms; things like text messages, mobile chats, tweets, voice, sound or music files, videos and pictures which people share and circulate online.
We also now have scenarios where data is collected through cell phone recording, industrial and domestic devices and gadgets with cameras, sensors and other types of equipment like climate control instrumentation, pipeline monitoring instrumentation, and so many other data harnessing tools and technologies.
So, we are not just referring to the data sets that we have programmed to deal with; there are also data sets that come in without any formal structure.
The application of analytics enables us to make use of these data, as we extract fresh insights from the analyzed data. The Big Data concept is applicable in any sector – agriculture, aviation, banking, retail, healthcare, media, marketing, in fact, there is no industry that the Big Data concept does not have a potential impact on.

The Impact of Big Data on Organizations
Big Data is no longer confined to the realm of technology. Big Data will provide organizations with new insights and previously unrealized know-how which will aid quality decision making across all strata of an organization. 
The adoption and impact of Big Data concepts in Africa should be of particular interest to Nigerian businesses as we now have a borderless business environment where technology has ensured that customers anywhere can access a company at the click of a mouse.
So with Big Data , Africa-based organizations are poised for an exciting future. With Big Data and analytics, we will begin to see the intersection of local and global information, and this should further add to the continent’s transformation story as new forms of knowledge, new forms of business and government services and innovation which is indigenous to Africa begin to evolve out of Africa.    
It is important that Nigerian companies begin to apply Big Data principles. They need to be proactive in managing the evolution of their relationships with their customers and stakeholders.
They need to begin to leverage their information assets to gain a comprehensive understanding of markets, customers, products, distribution channels, regulations, competitors, employees and more.
In addition to providing solutions to companies’ long-standing business challenges, Big Data solutions offer the power to transform processes, organizations and entire industries.

Sectors in Nigeria with more Interest in Big Data
I would say that currently the telecommunications and financial services institutions, especially Nigerian banks have shown relatively deeper interest in Big Data usage than other sectors.
These two sectors are more interested in harnessing their business and social networks. The local retail sector is just beginning to wake up to the Big Data idea. These three sectors would benefit tremendously from the insights provided by Big Data and Analytics technology.
In the financial sector, I know for a fact that Big Data and analytics technology will increasingly be a powerful asset for building much needed trust and transparency between the banks, their customers and the regulatory authorities.
This Big Data management will become more crucial as customers’ access banking products and services online and through hand held devices like tablets and mobile phones.
Governments and state-owned institutions at various levels are also showing interest in addressing their information archiving and Big Data management issues.

Making Meaning out of Unstructured Data
Data is a constantly fermenting, constantly growing resource.  Remember that any insights, information diagnostics or prognosis that can be garnered from this constantly expanding data resource is always going to be dependent on how the resource itself is mined.
Data analytics tools and technology therefore allows companies to galvanize value from the coupling of structured and unstructured data. 
Take the very common Point-of-Sale transaction, for instance. A retailer can decide to plug in structured data like a shoppers’ debit or credit card number with unstructured or semi-structured information like variable transaction volumes and shopping details for more customer insights.
Retails shops can use insights from this merged information constructs to offer personalized services to shoppers, for example.  
The Nigerian insurance sector would also do well to adopt Big Data analytics solutions. This is one sub-sector of the financial services sector that really needs to expand and perhaps re-design product portfolios in order to attract more customers, as many Nigerians are yet to inculcate the concept of insurance into their lives.
I am sure that analyses of the historical and current data resident in various insurance firms would certainly help companies foment a stronger bond with their policy holders, helping them grow their market share, and by extension the industry.  The insurance industry globally has already adopted Big Data principles.
A recent IBM study involving global executives in the insurance industry found that 74 percent of insurance companies surveyed report that the use of information (including Big Data) and analytics is creating a competitive advantage for their organizations, compared to 35 percent of insurance companies that reported a Big Data advantage when the same study was conducted in 2010.
Analysts have referred to the advent of Big Data and analytics as the era of constructive disruption to the way we currently conduct business.

Emerging Trends in Big Data 
Several trends are helping to advance Big Data. One major issue about Big Data is that it will change the way private and public sector institutions operate and engage with their stakeholders.
Big Data and analytics will usher in deeper levels of market segmentation or customization. Analytics technology is getting better everyday and this is one area IBM is providing leadership for the rest of the global tech industry.
You must also remember that we are now in the era of mass digitization, where many things can be monitored or tracked in real time.
Most courier companies now give customers a unique number they can use to track their parcels in transit, for instance.  
Use of the social media is now more widespread. This trend has really shattered distance and made the global community to seem local; people around the world are communicating and interacting via social networks in ways that were unimaginable only a few years ago.
Data transmission and data storage technology has also advanced, helping to edge the Big Data industry forward. Organizations are now able to store, access, and analyze huge new streams of data. It wasn’t always like this.
These trends are converging to usher in a new era of Big Data globally and even in Nigeria where we tend to be quick adopters of global tech trends.   

Measuring Return-on-Investment (RoI) Using Big Data & Analytics Technology
It is certainly possible to measure ROI using Big Data tools. By collecting, filtering, and analyzing data, organizations can actually identify and solve many of the inefficiencies which plague their day-to-day operations – including externalities like fraud and corruption which can threaten the organizations’ very reason to excite.
For instance, in a manufacturing company where products are not doing well, with Big Data insights you can make informed decisions about the future of that product. It affords you the ability to manufacture using just in time manufacturing techniques.
Nigerian companies need to begin to become more efficient in the use of their assets and resources. With the application of analytics to data we can begin to predict or pre-empt market trends, customer behaviour and emerging patterns in the entire supply chain.

Is IBM Helping to Develop Big Data Analytics Skills In Africa?
Yes, IBM is engaged in several human capital development projects on the continent. We have IBM ‘Big Data bootcamps’ and bigdatauniversity.com.
These are online platforms where Africans currently access Big Data analytics case studies and global best practice.
Earlier in the year, our Chairman Ginni Rometty announced the decision to give out free IBM software to universities across Africa.
This will allow students and academics to learn not just about Big Data and analytics concepts but also other computing technology areas like cloud, mobile, software security and programming skills.
This particularly project also involves helping to upgrade the curriculum for Science, Technology, Engineering and Mathematics courses at tertiary institutions allover the continent.
The IBM Research Africa lab in Nairobi, Kenya is also helping to grow the continent’s army of Big Data and analytics experts. You know, IBM spends over $6 billion annually on technology research and development, and the lab is IBM’s 12th lab globally and represents a massive commitment to the future of technology innovation in Africa. Scientists and researchers at the lab will be collaborating with other IBM lab around the world, designing innovative solutions to tackle some of Africa’s most pressing challenges: issues like energy and power management, transportation, financial and economic inclusion, agricultural productivity, healthcare, water and sanitation.
Professionals and academics in the Nigerian IT industry can also improve specific computing skills, including Big Data and analytics skills at the new IBM Nigeria Innovation Centre in Lagos. This new facility is one of over 41 IBM innovation centers in 33 countries around the world.
Globally, I think so far IBM has invested about $24 billion in its Big Data  and Analytics capabilities, We have probably one of the world’s deepest portfolio of analytics R&D, solutions and software: and more than 40,000 Big Data  and Analytics client engagements.