Importance of Data Mining for Organisations’ Productivity and Competitiveness: Insights from ICAN Conference

The 9th Accountant Conference of the Institute of Chartered Accountants of Nigeria (ICAN) held in Canada recently highlighted the importance of mining data for organisations’ productivity and competitiveness. Prof. Godwin Oyedokun, a past Chairman of ICAN-IGDS Lagos, emphasized the need for companies to reinvent their data application and usage to stay ahead in the rapidly evolving business landscape.

Oyedokun spoke on the theme “Decision Making Optimization through Data Mining,” explaining how data mining helps companies turn data into useful information for informed decision-making. He stressed that businesses that stick to traditional decision-making methods are at a disadvantage and urged them to embrace digital tools for better decision-making processes.

ICAN President, Davidson C. S. Alaribe, also highlighted the importance of accounting professionals adapting to new technologies to enhance accuracy, efficiency, and transparency. He emphasized the need for ethics and integrity in the profession, stating that trust from the public, clients, and stakeholders is a privilege that must be upheld with utmost accuracy and transparency.

The conference attendees were urged to make the best use of available data to guide organizations in making prompt and rewarding decisions that would boost turnover, enhance operational efficiency, reduce costs, improve resource allocation, and foster innovation. Data-driven decision-making was emphasized as a key factor in improving performance and gaining a competitive advantage in today’s data-driven environment.