An Assessment of the Role of Big Data in Optimizing Supply Chain Operations in Guaranty Trust Bank, Nasarawa State
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Background of the Study
In recent years, the role of big data in optimizing supply chain operations has gained significant attention in various industries, including the banking sector. Guaranty Trust Bank, one of Nigeria’s leading financial institutions, has been utilizing big data analytics to enhance decision-making, improve operational efficiency, and provide better customer service. In Nasarawa State, the bank’s operations, particularly those related to supply chain management, are influenced by various external and internal factors, such as fluctuating demand for banking products, changes in economic conditions, and evolving customer expectations.
Big data, which involves the collection, analysis, and interpretation of large volumes of data, offers significant potential for optimizing supply chain operations. By leveraging big data analytics, GT Bank can gain insights into customer behaviors, predict demand patterns, and optimize inventory and procurement processes. This study will assess the role of big data in enhancing the efficiency and effectiveness of supply chain operations at Guaranty Trust Bank in Nasarawa State.
Statement of the Problem
Despite the potential benefits of big data, GT Bank faces challenges in fully integrating data analytics into its supply chain operations. The use of big data in financial institutions is still evolving, and questions remain about how it can be effectively applied to optimize supply chain processes such as procurement, inventory management, and logistics. This study will examine the role of big data in enhancing the supply chain operations of GT Bank in Nasarawa State and address the challenges the bank faces in leveraging data analytics for operational improvement.
Objectives of the Study
1. To assess the role of big data in optimizing supply chain operations at Guaranty Trust Bank, Nasarawa State.
2. To evaluate the impact of big data analytics on procurement and inventory management at Guaranty Trust Bank, Nasarawa State.
3. To identify the challenges faced by Guaranty Trust Bank in using big data to enhance supply chain operations.
Research Questions
1. How does big data optimize supply chain operations at Guaranty Trust Bank, Nasarawa State?
2. What is the impact of big data analytics on procurement and inventory management at Guaranty Trust Bank?
3. What challenges does Guaranty Trust Bank face in utilizing big data for supply chain optimization in Nasarawa State?
Research Hypotheses
1. Big data does not significantly optimize supply chain operations at Guaranty Trust Bank, Nasarawa State.
2. There is no significant relationship between big data analytics and improvements in procurement and inventory management at Guaranty Trust Bank, Nasarawa State.
3. The challenges associated with big data analytics do not significantly hinder its role in supply chain optimization at Guaranty Trust Bank, Nasarawa State.
Scope and Limitations of the Study
The study will focus on the role of big data in supply chain optimization at Guaranty Trust Bank in Nasarawa State, specifically in the areas of procurement and inventory management. Limitations may include limited access to proprietary data and potential biases in the bank's internal data management practices.
Definitions of Terms
• Big Data: Large and complex datasets that require advanced analytical tools and techniques to process and analyze, providing valuable insights for decision-making.
• Supply Chain Optimization: The process of improving the efficiency and effectiveness of supply chain activities, such as procurement, inventory management, and logistics, to reduce costs and improve performance.
• Procurement: The process of acquiring goods and services needed by an organization, which involves supplier selection, contract negotiation, and order management.
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