Data Analytics: Panacea for SMEs Challenges.

The importance of Small and Medium Enterprises ( SMEs ) as a significant economy sector in Nigeria in her quest for national development cannot be over emphasis. In many nations of the world, SMEs have been recognised as a major driver in the actualisation of economic growth and social stability. However, the challenges confronting SMEs in Nigeria are numerous and have, to a large extent, made it difficult for SMEs to maximise its potential contribution to the nation’s economic growth.

upon realisation of the role of SMEs in the actualisation of economic growth, the Nigerian government over the years have introduced several agencies that are saddled with the responsibility to cater for the flourishment of SMEs. For example, the creation of Bank of Industry (BOI), Commerce, and Export Stimulation Loan Scheme, Nigerian Bank for Credit (NBC) etc. These agencies are designed to support the SMEs financially with a view of ensuring their survival. The question therefore is: How come SMEs have not been contributing maximally to nation’s economic growth.

Nigerian government has wrongfully diagnose problems confronting SMEs. this is evident in the persistence of SMEs failure despite the availability of financial support. There are other salient factors such as ; Infrastructure, Unfriendly regulations, Bad government policies, Insecurity, Currency instability, Financial literacy, Lack of strategic planning, and inability to utilise data for decision making.

It is worrisome that many SME practitioners are inexperience and lack the technical skill sets to take logical decisions in their desire to navigate through the challenges confronting them. One of the tools required to enable SME operators manage their business successfully is Data Analytics.

What is Data Analytics? how does it aid decision making ? How can SMEs benefit from acquiring skill in data analytics?. These questions would be addressed in the next publication of Data Analytics : Panacea for SMEs Challenges. watch out.