Experts have described the adoption of technology as leeway to driving insights for sustainable market share since companies are more focused on growing sustainably.
They argued that it was critical to get such insights to support the right growth and avoid constraints limiting their capacity to actualise planned growth.
Speaking during the Future Ready Webinar, themed, “Technology-Driven Automation and Incentive to Unlock Consumer Insight,” Managing Director, Grand Cereals Limited, Alex Goma, said Nigeria could take a cue from countries that had leveraged technology to grow exponentially.
He said leveraging technology to understand consumer behavioural patterns, and drawing actionable insights to achieve accelerated growth for businesses was paramount.
He mentioned constraints on limitations of online research and consumer feedback, fragmented databases not linked together, and large proportions of data either not captured or on stand-alone systems among others, limit rapid adoption of technology locally to drive better insights.
According to him, decision-makers needed to get the understanding and insights on satisfaction and rewards, by building confidence levels for data collected, especially, if the data would be used for critical business decisions.
“Companies grow by satisfying consumer needs. Having clear insights about consumers is at the heart of delivering winning propositions, understanding shopping behaviours, determining consumer preferences and providing input on product design and development,” Goma said.
At the panellists’ session, Partner and Head, Consumer and Industrial Markets, KPMG, Nigeria, Goodluck Obi, spoke on policies government should establish to strengthen the Fast Moving Consumer Goods (FMCGs) industry.
He also advised the government to provide incentives, adequate infrastructure, and ensure a stable foreign exchange rate among others, to strengthen and encourage the real sector.
He noted that policy somersault was hindering growth in the FMCG sector, and advised manufacturers on the need for strategies, and to be proactive, especially the strongest hit occasioned by the COVID-19 pandemic.
He urged them to invest more in technology, and create an effective automated marketing department, adding that traditional means of marketing to customers may no longer work in the digital age.
Similarly, Head of Information and Digital Technology, West and Central Africa, British American Tobacco, Olakunle Ogedengbe, mentioned that challenges faced by FMCGs can be overcome by leveraging data and having higher online and real-time data visibility.
He said data was important but “getting the right data is the challenge,” while emphasising trust for effective data visibility.