The global business environment is becoming more competitive and consequently, corporate organizations have continued to devise means to improve their top and bottom lines. This trend could be seen in companies’ annual expenditures for research and development, product design and innovation.
Evidence abound of companies that have turned around their situations with the use of data and analytics. This is why the global market size of data and analytics keeps increasing by the day. And according to Fortune Business Insights, the global data analytics market size is expected to increase to $550 billion by 2028 up from $231.43 billion in 2021.
Nigerian companies that are increasingly facing competition especially with the launch of the African Continental Free Trade Area (AfCFTA) are not resting on their oars. While a few big organizations have set up data and analytics units, millions of MSMEs that dot Nigeria’s business landscape, and which are in need of data and analytics services, might not have the means to do so. They rely on organizations that have platforms such as BusinessDay’s to optimize their operations.
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BusinessDay, West Africa’s source of premium financial and business intelligence, perfectly understands the current and future needs of Nigerian and African businesses, and consequently, has taken the bull by the horn with the launch of a data and analytics unit.
Companies, especially those in the financial services, have sustained their continental expansion plans, implying that they must constantly understand customers’ varying needs in local and foreign markets as well as to be able to predict the areas of possible industry disruption. Data is critical in that aspect. These among other factors informed the latest move by BusinessDay.
At the lower end of the spectrum, the unit has the mandate to collate, mine, analyze and present primary and secondary data across different sectors of the Nigerian economy in a more meaningful way that will give businesses considerable value addition. It also has ambitious future plans of covering the entire African continent. Further information will be released in the coming weeks.
