With its undeniable value, is data the new currency?

Episode summary

In this episode we are joined by the Chief Data and Analytics Officer at FNB, Ryan Prozesky. Ryan believes that data is the new currency. It is key in every organisation to inform almost every business decision, make solutions more relevant and improve the customer experience. One can tailor the interaction and experience to be very specific and efficient. The more data one has, the fewer questions need to be asked.

Ryan says that it is important to see data and analytics as one. Historically in the FirstRand Group there has been a disconnect between the two, with data seen as more of an IT function, while analytics as just the receiver of said data. If data assets are not well managed, one can quickly hit a limit on what can actually be derived from an analytical perspective. So by bringing these two things together, one can form relevant insights to solve a real business problem. It is also important for data scientists to have both data science and business skills to understand how data can be applied in a business context. The key is to translate the business strategy or problem into a data analytics challenge and then similarly be able to translate the solution back into operations.

How do Africa’s challenges compare with the rest of the world? Ryan believes that South Africa is surprisingly advanced with access to extremely rich sources of data. We even have the luxury of a well-established national ID system that is absent in many first world countries. However, nothing is without its challenges, such as how data is effectively managed and the current hurdle of ensuring that stringent data privacy protection is in place.

The COVID-19 pandemic has caused consumer behaviour to change overnight. Using geo-location and high frequency data enables one to keep a finger on the pulse and gain a competitive advantage. The world is now moving at such a fast pace and one can no longer wait for monthly or quarterly reports to make informed decisions. Day-to-day data is moving to real-time streaming and the ability to measure it and react quickly has become crucial for many organisations on a global scale.