Lumenore, a unified business intelligence, and analytics platform plan to invest AED3 million ($820,000) in the UAE, which has one of the best data infrastructures available in the world, over the next 18 to 24 months. Moreover, Lumerore which has set Dubai as a home ground plans to further expand into the Middle East.
The company wants to utilize the resources that are already available in the UAE. It is also partnering with a UAE- based academy to utilize the existing knowledge base in the country, said Naren Vijay, Executive VP Growth, Lumenore. Discussing the best practices for managing data, challenges that organizations face, and the business benefits of a successful data management strategy at a recently held media event in Dubai, Vijay and Donald Farmer, strategic advisor of Lumenore and an internationally acclaimed speaker in data management and analytics, said Lumenore will play an important role in the UAE and the wider region in data collection and management, as it wants to create new tools for data management and analytics that empower all stakeholders in an organization to be able to make decisions, regardless of their level of expertise. Vijay commented: “We are expecting 20% growth in intelligence platform adoption by UAE-based companies year on year, as modern data analytics technology adoption is catching up with data collection and data management software.” He added: “UAE is one of the leading knowledge economies in the world. More than 50% of graduates in the UAE are earning degrees in data science. The country also has universities and companies already investing in advanced data science.” Data increasingly is seen as a corporate endowment that can be used to make more-informed business decisions, optimize business operations, and reduce costs, all to boost revenue and profits. But a lack of proper data management can burden organizations with incompatible data silos, inconsistent data sets, and data quality problems that limit their ability to run business intelligence (BI) and analytics applications.
Farmer stressed the importance of data analytics in decision-making for businesses. He said: “Data has no value until it is used. In today’s time, data is available in abundance, however, most of us fail to make the best use of it or don’t have the right knowledge to channelize and monetize it.” Vijay further added: “Lumenore promises businesses an all-in-one platform for their Data Analytics needs. It provides no-code and low-code solutions for developers and managers so they can focus on their core product. It can do this without sacrificing investing in a comprehensive data analytics infrastructure for their company to accelerate the time to market for their products.”
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