Data Is Needed to Address the Gaps in Today’s Dynamic Business Environment –Yinka Adebayo
By Azeez Disu
The Executive Director, Media Investments of OMG WeCa, Yinka Adebayo has restated the need for data management to address the gaps in today’s dynamic business environment and everchanging landscape.
He made the call at The Industry Summit 4.0 held recently where he delivered the keynote address on the theme “How Marketers Should Handle 2023” and spoke specifically on “Turn Data to Action: How Marketers Can Rationalize Performance Measurement & Drive Efficiencies with Intelligence”
He said “Data is needed to address the gaps in today’s dynamic environment and everchanging landscape. ”
He explained that measurements, efficiencies, intelligence, and government policy shifts are the operative parameters for renewed economic growth.
However, data and insight are not enough, what is done with the insights gotten matters. Also, success comes from operationalizing the insights gotten and optimizing the brand messages.
“Data can only show you the direction. Always seek to understand the stories behind the numbers. So that you can speak to and use them confidently, creatively, convincingly, constructively, and collaboratively,” he stated.
In order to be more agile with data, he urged agencies and brands to change from dated data to real-time data, rigid to flexible, old methods of collecting data to the right methods and platforms, from just a passive snapshot to possibilities of interfacing with the panel/respondents, and only quantitative to quantitative + qualitative.
He also called for data mining and data analytics.
He explained further that today big data plays a major role in helping businesses grow, stating McKinsey’s 4 steps to turn big data into action. The points are to decide what to produce, source the raw materials, produce insights with speed, and deliver the goods and act.
Similarly, he said today big data is like what Dan Ariely, Professor of Psychology and Behavioral Economics said in his popular quote, “Teenage sex: everyone talks about it, nobody really knows how to do it, everyone thinks everyone else is doing it, so everyone claims they are doing it.”