How does one drive business agility in these tough economic times? This was a question posed to the audience by Adebayo Sanni, Country Managing Director of Oracle Nigeria, during the recently concluded Oracle CEO forum.
For today’s CEOs in Nigeria, certain challenges persist, such as how to increase market share or improve client relationships, or how to introduce innovative products into the market, to name a few. As earnings per share continue to decrease, customers’ demand for quality services on the other hand continue to increase. As a result, CEOs need to be creative in order to deliver services to their clients and gain market share, while at the same time reducing the costs of doing business.
To achieve these objectives, innovation was discussed as a key lever. Not just any kind of innovation however – Innovation still bears a cost and driving down cost is an essential component in a recession strategy. Disruptive innovation, one that will propel the business to become an outlier and create entirely new business and revenue lines, is what is needed. Recent examples in transportation such as Uber, hospitality such as Airbnb, entertainment such as Netflix, or in Nigeria e-commerce platforms such as Jumia and Konga, represent the kind of disruptors that are needed. For businesses today, business as usual is no longer an acceptable norm. Change has arrived in Nigeria too, and only firms who are able to participate in the necessary transformation quickly will remain competitive.
The need for speed in adoption is essential, especially as competitive forces continue to push into the market shares of even the most celebrated disruptors. For instance, disruptors such as Uber now have competitive spin-offs such as MyTaxi and GetTaxi. Hence the need for speed and agility in adopting innovation remains necessary to retain number one positions and maximise market shares.
The “new” oil – data driving innovation
Another competitive advantage that can be sought is through the innovative utilisation of data. Traditional industries such as manufacturing are using data to improve service delivery, thus cutting down time and costs. GE for instance is applying maintenance history data to predict and improve machine maintenance requirements. Airbus is taking a similar approach by using existing data to improve time spent in the supply chain to repair aeroplanes, driving down time (and costs) from many weeks to now just a few.
Data is now driving innovation. It is important to be able to capture, manage and interpret or monetise the data to drive value through innovative solutions. However, certain challenges exist within this process. First is the ability to attain the technical resources or required technology to store the data. Second it is important to have the human resources that can capture the data accurately and then interpret or monetise it.
As a result, data is becoming an essential part of corporate strategy. For firms to increase their market share, they need to either increase their revenues through cross selling products to new or existing clients, or through managing their costs by adopting strategies such as outsourcing solutions, strategic sourcing, head count optimisation, process optimisation or capital productivity.
Designing the ideal corporate strategy means a reliance on data concerning the businesses –analysing the past to determine the future. Innovation in data technology is thus a game changer for corporate strategy.
Technology adoption in real estate strategies
Firms in Nigeria, especially those with large portfolios like banking industry, have begun to understand the importance of accurate data and technology as innovative differentiators. Banks have begun to use technology to address their sourcing demands or manage their vendors. Some have developed in-house real estate databases to establish a real estate index and validate their pricing (price discovery).
Others have taken things a step further to conduct portfolio optimisation exercises to reduce their real estate footprint and costs. Requiring a large amount of internal and external market data, these optimisation exercises are designed to match the firm’s real estate to their business strategy. For banks, such a strategy could mean the elimination of large floor plates and the adoption of a smaller more nimble branch network. Other banks have adopted technology into their internal processes. Creating paperless environments, and adopting video conferencing and other technology that increases mobility and connectivity between businesses and clients alike – while at the same time driving down costs.
Innovation in data and technology will enable Nigeria to leapfrog over the current infrastructure limitations and economic woes to a brighter and more sustainable future.
geometry dash 2.11 download
Yeah bookmaking this wasn’t a risky decision outstanding post! .
Explain Like I’m Five
Great, this is what I was looking for in bing
gx tool pro apk download
Hi, glad that i saw on this in google. Thanks!
game of dice cheats
Just wanna input on few general things, The website layout is perfect, the articles is very superb : D.
quest bars cheap
Hello! I just wanted to ask if you ever have any trouble with hackers?
My last blog (wordpress) was hacked and I
ended up losing a few months of hard work due to no back up.
Do you have any methods to protect against hackers?
nonsense diamond 1.9
Intresting, will come back here later too.
vn hax
I really enjoy examining on this blog , it has got great content .
Kelvin
Terrific work! That is the type of info that are supposed to be shared across the web.
Disgrace on Google for now not positioning this publish upper!
Come on over and talk over with my website . Thanks =)
node
I want to express my passion for your generosity giving support to people who should have help with that theme. Your very own commitment to passing the message up and down came to be extremely beneficial and have all the time allowed somebody much like me to arrive at their endeavors. Your entire insightful help can mean this much to me and especially to my office workers. Many thanks; from everyone of us.
proxo key
Thank You for this.
yeezy boost 350 v2
I enjoy you because of your whole work on this blog. Ellie loves working on investigation and it is easy to understand why. Most people hear all concerning the lively form you offer rewarding suggestions through this website and in addition welcome contribution from other people on this concern while our own daughter is certainly becoming educated a lot. Enjoy the remaining portion of the new year. You are conducting a great job.
457F3C47-96BA-479F-926C-9F292B9DB1DA
I must show my thanks to you for bailing me out of such a challenge. Just after surfing around throughout the world wide web and meeting things which are not powerful, I figured my life was well over. Existing without the presence of answers to the issues you’ve sorted out all through the review is a serious case, and ones which may have adversely damaged my entire career if I hadn’t encountered your web blog. Your own personal know-how and kindness in playing with all the details was very helpful. I am not sure what I would have done if I had not come across such a subject like this. I am able to at this moment look ahead to my future. Thanks very much for the professional and sensible guide. I will not be reluctant to suggest your web site to anyone who should have recommendations on this matter.
quest bars
I’ve been browsing online greater than three
hours these days, yet I never discovered any attention-grabbing article like yours.
It is lovely price enough for me. In my opinion, if all site owners
and bloggers made excellent content material as you did, the net will be a lot more useful than ever before.
how to crack fortnite accounts
I must say, as a lot as I enjoyed reading what you had to say, I couldnt help but lose interest after a while.
playstation 4 best games ever made 2019
What a data of un-ambiguity and preserveness of valuable experience regarding unexpected emotions.
http://tinyurl.com/
When I originally commented I clicked the “Notify me when new comments are added”
checkbox and now each time a comment is added I get
three e-mails with the same comment. Is there any way you can remove people from that service?
Thanks a lot!
chaturbate tokens hack generator 2018 pc
You got yourself a new rader.
hacks counter blox script
I was looking at some of your articles on this site and I believe this internet site is really instructive! Keep on posting .
mpl pro
Thank You for this.
fortnite aimbot download
Respect to website author , some wonderful entropy.
xbox one mods free download
Great, bing took me stright here. thanks btw for this. Cheers!
vn hax
Ha, here from bing, this is what i was looking for.
redline v3.0
I must say, as a lot as I enjoyed reading what you had to say, I couldnt help but lose interest after a while.
aimbot free download fortnite
You got yourself a new rader.
ispoofer license key
I conceive you have mentioned some very interesting details , appreciate it for the post.
expressvpn key
I must say, as a lot as I enjoyed reading what you had to say, I couldnt help but lose interest after a while.
strucid hacks
Respect to website author , some wonderful entropy.
rust hacks
Enjoyed reading through this, very good stuff, thankyou .
sims 4 seasons free code
Hey, glad that i saw on this in bing. Thanks!
resetter epson l1110
Me enjoying, will read more. Thanks!
smart defrag 6.2 serial key
I dugg some of you post as I thought they were very beneficial invaluable
iobit uninstaller 7.5 key
I really enjoy examining on this web , it has got great content .
cheats for hempire game
I must say, as a lot as I enjoyed reading what you had to say, I couldnt help but lose interest after a while.
ispoofer pogo activate seriale
I simply must tell you that you have an excellent and unique article that I must say enjoyed reading.
eternity.cc v9
You got yourself a new follower.
vn hax
very cool post, i actually love this web site, carry on it
bitcoin adder v.1.3.00 free download
I like this site, useful stuff on here : D.
krunker hacks
I conceive this web site holds some real superb information for everyone : D.
nonsense diamond
This helps. Thanks!
free fire hack version unlimited diamond
Enjoyed reading through this, very good stuff, thankyou .
redline v3.0
Some truly wonderful goodies on this web site , appreciate it for contribution.
smutstone
I simply must tell you that you have an excellent and unique site that I really enjoyed reading.
mining simulator codes 2019
Respect to website author , some wonderful entropy.
sniper fury cheats windows 10
I enjoying, will read more. Thanks!
chaturbate hack cheat engine 2018
I like this site because so much useful stuff on here : D.
redline v3.0
I conceive you have mentioned some very interesting details , appreciate it for the post.
minecraft download for free
Hi everyone, it’s my first go to see at this website,
and post is in fact fruitful designed for me, keep up
posting these types of posts.
red dead redemption 2 digital key resale
Thanks for this article. I definitely agree with what you are saying.
fallout 76 hacks
Cheers, here from yanex, me enjoyng this, i will come back soon.
nonsense diamond 1.9
I love reading through and I believe this website got some genuinely utilitarian stuff on it! .
fortnite aimbot download
I really got into this article. I found it to be interesting and loaded with unique points of view.
krunker hacks
I like this page, some useful stuff on here : D.
how to download minecraft
Write more, thats all I have to say. Literally, it seems as though
you relied on the video to make your point. You clearly know what youre talking about, why throw away your intelligence on just posting videos to your weblog when you could be
giving us something informative to read?
free gg hack
I have interest in this, danke.
minecraft download pc
Have you ever thought about including a little bit
more than just your articles? I mean, what you say is valuable and
all. However think about if you added some great photos or
videos to give your posts more, “pop”! Your content is excellent but with pics
and video clips, this blog could definitely be one of the greatest in its niche.
Terrific blog!
g
I read this paragraph fully about the comparison of most recent and earlier technologies,
it’s remarkable article.
minecraft download free
I am regular visitor, how are you everybody? This piece of writing posted at this
site is really good.
minecraft download mojang
whoah this weblog is fantastic i like reading your posts.
Keep up the good work! You understand, lots of individuals are looking
around for this information, you could aid
them greatly.
gamefly free trial
Thanks for sharing your thoughts. I truly appreciate your efforts and I will be waiting for your next write ups thank you once again.