THE IMPACT OF BUSINESS ANALYTICS ON PRODUCT DEVELOPMENT
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- NGN 3000
Abstract: THE IMPACT OF BUSINESS ANALYTICS ON PRODUCT DEVELOPMENT
This study investigates the impact of business analytics on enhancing product development processes and innovation within organizations. The objectives include assessing how analytics tools and techniques enable product ideation, market validation, and lifecycle management. 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 consumer electronics company in Ogun, Nigeria, recognized for its data-driven approach to product innovation and market expansion. The reliability coefficient score, assessed through internal consistency measures, is 0.88, indicating strong reliability of the research findings. Findings suggest that business analytics facilitate informed decision-making throughout the product development lifecycle, from concept creation to commercialization, by providing insights into consumer preferences, competitive landscape, and technological trends. The study recommends that organizations leverage analytics to conduct market research, optimize product features based on customer feedback, and streamline collaboration between R&D, marketing, and sales teams to accelerate innovation and achieve market leadership in competitive industries.
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