Data Analytics and Vulnerability Curbing of Small and Medium Size Businesses in Nigeria: Challenges, Opportunities, and Prospects

The harsh environment under which the small and medium scale enterprises (SMEs) and other businesses operate in Nigeria today has compounded their vulnerability and made the role of data analytics more significant for their survival and the sustainability. Therefore, data analytics in SMEs is an innovative approach to reduce their vulnerability that guarantees their operational sustainability and as well, contribute significantly to curbing their level of vulnerability. However, several businesses have on daily basis encounter challenges in applying such data despite the opportunities abound with the application of such data, making it difficult for them to reap the benefits of employing big data in their operations. This study therefore examined the efficiency, challenges, opportunities, and prospects of applying big data in SMEs operations in Nigeria. The study intends to understand the attitude of SMEs operators in Nigeria regarding the employment of big data in terms of the impacts it generated in SMEs performance. Data were gathered through 81 SMEs operators via the questionnaire across their various roles in line with efficiency, challenges, opportunities, and prospects of applying big data in their daily operations. Data collected were analyzed using the SPSS for which the descriptive statistics gave an insight of the participants’ responses. Available evidence from the descriptive statistics did not only indicate the effectiveness of data application among SMEs, it indicates that challenges and opportunities of using big data as well affect their performance. However, the relationship between SMEs operations and challenges of using big data shows negative in the study indicating that the challenges of applying big data by the firms leads to operational deficiency. The study therefore recommends the need for SMEs operating in Nigeria to focus on the integration of data analytics to boost their operational and competitive advantages while relieving possible dangers and vulnerability; SMEs are also to train and retrain their staff in the art of data mining and structuring to align with the firms’ goals; also is the need to reduce the cost of data application by reducing the time spent on data mining and application through the engagement of the services of experts and professionals, among others.