Several studies have hinted at the extreme difficulty of obtaining reliable data on businesses and startups in Africa. When I started reading such reports, I was like aahh! There they go again painting our emerging markets as data-averse.
As someone who has worked in the agricultural industry in many capacities, including research, startup, and consulting, I can attest to this as the harsh reality on the ground. There is reluctance among many African agribusinesses and startups to take part in sanctioned research or to make public data about their business, its operations, products, or services. What I think most of them fail to realise is that this data is useful not just to the researchers, but also to their businesses and the development of their industry. There are ethical and privacy concerns, but it shouldn’t stop you from talking to researchers or consulting firms about your experiences and business. How do you perform market research without interrogating relevant data from the local market? Partly due to our own unwillingness to provide data for scientific study, we have limited opportunity to secure financial and other types of support for our businesses.
Fourty-nine percent (49%) of businesses and startups said data analytics helps them to make better decisions, sixteen percent (16%) said that data better enables key strategic initiatives, and 10% said that data helps them to improve relationships with customers and business partners, according to a recent article by Forbes discussing a survey from Deloitte. But to fully benefit from data and analytics, you need to avail data and know how to maximise the value of your data. Let me ask you a question, the last time you were preparing an application for a competition or grant, how easy was it for you in accessing relevant data to support your application?
There is a heavy emphasis on data in today’s commercial sector. The goal of collecting and analysing data is to give business executives the information they need to make reasoned, data-driven decisions. However, in order to make the most informed decisions regarding business strategy and growth, business executives need to be able to sort through the abundance of available information and find what they need. Nearly all business choices are based on data. Directors of human resources are scouring the Internet for information to help them find and verify the most qualified candidates for open positions. These days, marketing departments use data from market segmentation to zero in on shoppers in the last stages of the purchase cycle and close deals as quickly as feasible. Executives need to keep an eye on broader market movements, such as shifts in the cost of materials, transportation, and production.
Companies can save time and money in products development, manufacturing, and distribution phases by making better use of data at their disposal. Avoiding wasteful practices like shotgun advertising and overpaying for supplies can have a substantial impact on a business’ bottom line. The next time you meet with a researcher or consultant about your business or startup, use it as an opportunity to contribute data to the database in your industry.
