Redwood economic summit emphasises on power of consumer data in business
Decision makers across public and private sector organisations in Nigeria’s economy have been advised on the need to show greater understanding to the imperatives of data development as a vital tool to driving growth of their businesses.
Giving this advice in Lagos was Chairman of the National Economic Advisory Council, Dr Doyin Salami while delivering a keynote address during a one-day business development summit organised by Redwood Consulting, a frontline marketing solutions company.
Dwelling on the summit theme title ‘Power of Consumer Data’, Salami observed that one major challenge confronting most public and private organisations in the country was the apparent lack of interest and understanding of the data tool as a guide to the growth of businesses.
According to the frontline economist who also is CEO, Kainos Edge Consulting Limited, a lot of public and private sector organisations are striving hard to develop data to be deployed in their businesses but often lack the required capabilities in putting the data to meaningful use as well as transforming them into useful decision making tools.
Stressing further on the importance of the use of data, he noted that many public and private organisations did not have proper understanding of what sort of data knowledge they required for their business.
He added that a major difference existing between the local indigenous firms and their multinational counterparts was in the capacity to use data meaningfully, stressing that what obtained more in the local setting was much of a guess work.
“Public and private organisations need to understand and appreciate data so as to be able to invest in them. One challenge that data poses in our economy is the fact that people don’t know what data they need. Data does not transform into insight. You must understand and be able to analyse data for it to become insight.
“Data gives capacity to understand evolution. It gives opportunity to wait for things to evolve and come to you. It’s absolutely important to be proactive so that first move advantage can come to you. Consumers are evolving and in like manner consumption pattern is also evolving,” he explained.
The event attracted in attendance stakeholders from across major economic sectors of the country, including the manufacturing sector, Oil and gas, Banking, Insurance, marketing and marketing communications industry players.
Amongst the notable speakers and panelists at the summit included key industry personalities, namely; Chandana Fernando, Commercial Manager, Nestle Nigeria; Folake Ani-Mumuney, Global Head, Marketing and Marketing Comunications, First Bank of Nigeria Plc; Adekanbi Olubayo, Chief Transformation Officer, MTN Nigeria and Adewale Arikawe, CDSM, Director, Friesland Campina Wamco Nigeria Plc.
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