A Study of the Role of Business Analytics in Strategic Decision-Making: A Case Study of Fintech Firms in Kaduna State
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- NGN 5000
Background of the Study
Business analytics (BA) has become an essential tool in modern business decision-making. It involves the use of data analysis tools, statistical methods, and algorithms to interpret business data for strategic insights and decisions (Chaudhary, 2023). In the rapidly evolving fintech sector, where companies face increasing competition and regulatory pressures, the role of business analytics becomes even more critical. By leveraging BA, fintech firms can gain a competitive edge by predicting market trends, improving operational efficiency, and enhancing customer experiences (Fowler & Lee, 2024). Kaduna State, known for its growing number of fintech startups, offers a valuable setting to study how these firms are using business analytics to make informed decisions and optimize their strategies (Sani & Idris, 2025).
The fintech industry in Nigeria, particularly in Kaduna State, has experienced significant growth in recent years, driven by innovations in digital payments, online lending, and financial services. However, these firms often face challenges such as limited access to capital, regulatory complexities, and the need to adapt to fast-paced technological advancements (Okoro, 2024). In this context, business analytics can play a key role in addressing these challenges by providing actionable insights that support strategic decision-making. This study will explore the ways in which fintech firms in Kaduna State utilize business analytics to enhance their decision-making processes and achieve sustainable growth.
Statement of the Problem
While business analytics has gained attention globally for its potential in improving business decisions, there is limited research on its application within Nigeria's fintech industry, especially in Kaduna State. Despite the growing presence of fintech firms in the region, many of these companies still rely on traditional decision-making methods, which can be less effective in the dynamic fintech environment (Adeyemi & Shittu, 2023). The lack of a clear understanding of how fintech firms can utilize business analytics to optimize their strategic decisions may result in missed opportunities for innovation, growth, and competitive advantage. This study seeks to bridge this gap by investigating how fintech firms in Kaduna State employ business analytics in their strategic decision-making processes.
Objectives of the Study
1. To examine the role of business analytics in the strategic decision-making process of fintech firms in Kaduna State.
2. To assess the impact of business analytics on the performance and competitiveness of fintech firms in the region.
3. To identify the challenges faced by fintech firms in Kaduna State in adopting and implementing business analytics for decision-making.
Research Questions
1. How do fintech firms in Kaduna State use business analytics in their strategic decision-making?
2. What is the impact of business analytics on the performance of fintech firms in Kaduna State?
3. What challenges do fintech firms in Kaduna State encounter in using business analytics for decision-making?
Research Hypotheses
1. H₁: There is a significant relationship between the use of business analytics and the strategic decision-making process in fintech firms in Kaduna State.
2. H₂: The use of business analytics positively impacts the performance and competitiveness of fintech firms in Kaduna State.
3. H₃: Fintech firms in Kaduna State face significant challenges in the adoption and implementation of business analytics due to limited resources and technical expertise.
Scope and Limitations of the Study
This study will focus on fintech firms based in Kaduna State, Nigeria. The research will consider only firms that are actively using business analytics in their operations. Limitations include potential difficulty in obtaining proprietary business data from these firms and the possibility of a limited sample size due to the relatively small number of fintech companies in Kaduna State. Additionally, data availability and potential biases in self-reported responses could affect the study's outcomes.
Definitions of Terms
• Business Analytics: The use of data, statistical analysis, and modeling to gain insights that support decision-making and improve business performance.
• Fintech: Financial technology, which refers to innovations in technology designed to improve and automate the delivery of financial services.
• Strategic Decision-Making: The process of making decisions that shape the long-term direction of a business, typically involving significant investments of resources.
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