An Appraisal of Business Analytics in Improving Sales Performance: A Case Study of FMCG Companies in Benue State
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- NGN 5000
Background of the Study
Business analytics has become an indispensable tool for companies seeking to enhance their operations, especially in the highly competitive fast-moving consumer goods (FMCG) sector. According to Adamu and Oladele (2024), FMCG companies rely heavily on data-driven insights to make informed decisions on inventory management, marketing strategies, and sales forecasts. Business analytics tools can process large datasets to uncover trends, optimize pricing strategies, and predict future sales patterns.
In Benue State, FMCG companies face challenges in improving sales performance amidst fierce competition and shifting consumer preferences. These companies can benefit greatly from adopting business analytics to streamline their operations and improve sales performance. However, many firms still operate with limited data-driven decision-making processes, relying instead on traditional sales strategies that may not fully account for the dynamic nature of the market. This study aims to appraise the role of business analytics in improving sales performance in FMCG companies operating in Benue State.
Statement of the Problem
FMCG companies in Benue State struggle with fluctuating sales, poor demand forecasting, and inefficient inventory management, which result in lost sales opportunities and increased operational costs. Traditional sales performance strategies often fail to address the complex, data-driven demands of modern consumer behavior. The limited use of business analytics in sales operations hampers the ability of FMCG companies to optimize pricing, product availability, and marketing efforts effectively.
According to Farouk and Ibrahim (2024), the slow adoption of business analytics in the FMCG sector in Benue State prevents companies from gaining actionable insights that could boost their sales performance. This study seeks to evaluate how business analytics can improve sales performance in FMCG companies in Benue State.
Objectives of the Study
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To assess the extent to which FMCG companies in Benue State utilize business analytics in sales operations.
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To evaluate the impact of business analytics on sales performance, marketing effectiveness, and customer satisfaction.
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To identify the challenges and barriers FMCG companies in Benue State face in adopting business analytics for sales improvement.
Research Questions
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To what extent do FMCG companies in Benue State utilize business analytics in improving sales performance?
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How does business analytics impact sales performance, marketing effectiveness, and customer satisfaction?
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What challenges do FMCG companies in Benue State face in adopting business analytics for sales improvement?
Research Hypotheses
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Business analytics is not significantly utilized in improving sales performance by FMCG companies in Benue State.
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Business analytics does not significantly improve sales performance, marketing effectiveness, or customer satisfaction.
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Barriers and challenges significantly hinder the adoption of business analytics for sales improvement in FMCG companies in Benue State.
Scope and Limitations of the Study
The study is focused on FMCG companies in Benue State and their use of business analytics in improving sales performance. Limitations include the availability of data from companies, as some firms may be hesitant to disclose detailed sales performance information.
Definitions of Terms
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Business Analytics: The use of data analysis tools and techniques to assess business performance and inform decision-making processes.
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Sales Performance: A measure of a company’s ability to generate revenue from its sales activities, often assessed through metrics like revenue growth, market share, and customer acquisition.
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FMCG Companies: Businesses involved in the production and distribution of fast-moving consumer goods, which are products that are sold quickly at relatively low cost.
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