THE ROLE OF BUSINESS ANALYTICS IN STRATEGIC PLANNING
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Abstract: THE ROLE OF BUSINESS ANALYTICS IN STRATEGIC PLANNING
This study aims to explore the role of business analytics in enhancing strategic planning processes and guiding organizational decision-making within competitive markets. The objectives include assessing how analytics tools and techniques contribute to scenario analysis, market forecasting, and strategic alignment. A survey research design is employed to gather quantitative data from 300 participants using the Taro Yamane formula to ensure a statistically significant sample size. The case study focuses on a financial services firm in Lagos, Nigeria, recognized for its strategic use of analytics to navigate market uncertainties and drive growth. The reliability coefficient score, measured through internal consistency checks, is 0.86, indicating strong reliability of the research findings. Findings indicate that business analytics enable organizations to formulate data-driven strategies, optimize resource allocation, and achieve strategic objectives effectively. The study recommends that businesses integrate analytics into strategic planning processes, leverage predictive modeling for scenario planning, and foster a culture of data-driven decision-making to capitalize on market opportunities and sustain competitive advantage in volatile business environments.
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