As Africa transmutes into data-driven societies with people, firms and nations in interdependent relationships, unlocking the value in data will create competitive advantages.
Knowledge is the altar and data is the tool for the market sacrifice. Winning the markets will require business high priests who make sense of data. Until you get that, that sacrifice may fail before customers since your products and market needs may remain unaligned. The kingdom is the market share, and that happens at scale when product-market-fit is readily attained.
The data in companies is the wealth in companies. Build capabilities and refine your data. William Shakespeare put it in the mouth of Hamlet, “words, words, words”. Today, the response to “Lord Polonius” is “data, data, data”.
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The empires of the future will be refiners of Data. Like Pythagoras postulated during the Great Debate, the world is nothing but numbers. In market systems, to understand Demand and Supply, you essentially need to make sense of the numbers around demand and supply. Those numbers are the data of firms, markets, customers and all stakeholders.
Yes, DATA is the New Oil but can you refine it? You cannot be a 21st century category-king company if you cannot REFINE data. The blue-collar job of the 21st century is software but the gunpowder to conquer markets is data.
Chinua Achebe reminded us to “create your own story”. You need data to create your product story. The world is nothing but Data. Those who make sense of it will rule. Now, are you ready for the sacrifice with the right data-tool to appease the customers and win them over?
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What we see often is that those who sit on the data don’t know what to do with it, or choose to misuse it when they decide to put it to use.
Examples abound, let those who have ears hear.