20/04/2024
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Business Leaders To Explore Digital Transformation And Big Data

Business leaders across Zambia will be meeting in Livingstone next month to explore Digital Transformation and Big Data as key factors in Fraud detection and Risk management for businesses.

The business leaders are convening under the auspices of the Association for Chartered Certified Accountants (ACCA) for the annual ACCA Business Leaders Conference to be held at the Avani Resort in Livingstone, from 7th to 8th June 2023.

Speaking ahead of the Conference, ACCA Zambia Country Manager and Africa Lead-Employee Relations Janice Matwi said the global pandemic – COVID-19 highlighted the importance of digital technologies for business operations adding that post-pandemic, companies have increasingly embraced digital transformation, including remote collaboration tools, cloud computing, artificial intelligence and automation.

Mrs Matwi said the trend is expected to continue as organizations optimize processes, enhance productivity, and improve resilience.

“Termed as a necessary disruption, Digital transformation has now become a foundational change in how an organization delivers value to its customers.”

In the case of Big Data, Mrs Matwi says it offers many opportunities for businesses as it provides organizations with access to large volumes of structured and unstructured data from various sources.

She says by analyzing this data, businesses can gain valuable insights and make data-driven decisions which can help in identifying market trends, customer preferences, operational inefficiencies, and other critical information that can drive business strategies and improve decision-making processes.

“Big Data also enables businesses to have a deeper understanding of their customer’s needs. We have a case study from ABSA showcasing how they have used digital transformation and big data in their operations.”

Mrs Matwi says of interest as well will be a conversation on how digital transformation and big data are key to fraud detection and risk management as they can aid in identifying potential risks and enabling proactive measures to mitigate them.

“It’s important to note that while big data offers significant opportunities, organizations must also address privacy and security concerns associated with handling large volumes of sensitive data. Implementing robust data governance and ensuring compliance with data protection regulations is crucial for leveraging big data effectively and responsibly.”

Source: ACCA

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