Thread by @TheOyinbooke

Did you miss my radio talk this evening?
Below is a recap of the conversation on Smooth 98.1FM

Topic: Benefits of Data Analysis to MSMEs

Q1: Tell us Ola, What does data mean to businesses?
Ola: According to Pythagoras, the world is made of numbers, this mean, it is a business of numbers, these numbers are data.
From this, we can see how data is the wheel driving the business. From Sales to Expenses, customers...

.. to employees, every activities and business engagement is either generating or consumer data and in most cases doing both.

Q2: Should a Small Business Owner Prioritise Data Analysis When Starting Out Business?
Ola: Data should be consulted even before running a business...

While conducting market research, you engage data to understand who your target audience are and what their pain points are, you identify your potential competitors, etc..

It is important that when the business commence, you should continue to keep tab on data, for example...

A laundry business in Yaba which commenced operations 6 months ago is interested in identifying which area in Yaba they get most order with most returning customers. After analysis, they realized it's customers from Iwaya area.
They deployed resources to serve them better and ...

Up-sell to these customers.
Without paying attention to data, this would have been difficult.

Within data, businesses can only grow linearly, to scale exponentially, you need to leverage on data.

..TBC...