THE IMPACT OF BUSINESS ANALYTICS ON INNOVATION
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- NGN 3000
Abstract: THE IMPACT OF BUSINESS ANALYTICS ON INNOVATION
This study investigates the impact of business analytics on fostering innovation and driving organizational growth within competitive markets. The objectives include assessing how analytics tools and techniques facilitate idea generation, product development, and market adaptation strategies. A survey research design is adopted to collect quantitative data from 250 participants using the Taro Yamane formula to ensure a representative sample. The case study focuses on a pharmaceutical company in Abuja, Nigeria, known for its innovative R&D initiatives supported by analytics-driven insights. The reliability coefficient score, assessed through internal consistency measures, is 0.87, indicating strong reliability of the research findings. Findings suggest that business analytics play a crucial role in promoting innovation by providing data-driven insights into consumer needs, market gaps, and emerging technologies. The study recommends that organizations invest in analytics-driven innovation labs, foster cross-functional collaboration, and prioritize continuous experimentation to drive sustainable growth and competitive advantage in dynamic business landscapes.
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