The Importance of Data Mining for Organisational 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,” stressing that turning data into useful information is crucial for making informed decisions. He noted 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 adapting to new technologies while upholding ethics and integrity in the accounting profession. He emphasized the trust placed in accountants by the public, clients, and stakeholders, urging professionals to ensure accuracy, fairness, and transparency in their dealings.

The conference underscored the significance of data-driven decision-making in enhancing operational efficiency, reducing costs, improving resource allocation, and fostering innovation. By optimizing decision-making processes, organizations can make timely and informed decisions that lead to improved performance and competitive advantage in today’s data-driven environment.