Business intelligence trends in Africa

The future of multiple companies in 2024 across Africa stand a chance to advance into new financial realms with strategic use of business intelligence majorly driven by technological advancements. CNBC Africa spoke to Mary Queenie Adam to delve into the transformative trends and opportunities shaping the business landscape in Africa. The continent is undergoing a remarkable economic turnaround, with businesses increasingly embracing resilience and innovation to navigate future uncertainties. A key driver of this shift is the burgeoning field of business intelligence, which enables companies to leverage data-driven insights for informed decision-making and sustainable growth. Several key themes emerged from the interview, including the rise of e-commerce fueled by a young population, the proliferation of digital technologies enhancing data collection and AI capabilities, and the growing emphasis on sustainability and disruptive technologies in various sectors. Notably, Africa is witnessing a surge in the adoption of business intelligence across industries, with a particular focus on sectors such as technology, clean energy, healthcare, education, and e-commerce. In 2023, the African tech stock market experienced significant growth, with venture capital funding reaching a record high of $4.4 billion, signaling a 35% increase from the previous year. The interview highlighted Kenya and Nigeria as standout countries leading the charge in business intelligence innovation. Companies in Africa are increasingly harnessing the power of business intelligence to drive efficiency, improve customer service, and foster innovation in their respective sectors. Data analytics play a crucial role in providing valuable insights into market trends, consumer behavior, and operational performance. Fintech startups are leveraging BI for financial services innovation, while agri-tech and health tech companies are utilizing data to enhance precision farming and diagnostics. E-commerce enterprises are leveraging BI to understand consumer preferences and tailor their offerings accordingly. Despite the challenges of access to finance and infrastructure, the trajectory of business intelligence in Africa points towards a dynamic and diverse landscape offering numerous opportunities for businesses and investors. The interview highlighted the role of artificial intelligence in supporting the growth of BI and emphasized the importance of targeted advertising and promotion based on customer profiling. Furthermore, the discussion touched upon the benefits of BI for startups, emphasizing the need for robust data security measures to safeguard against cybersecurity threats. Mary Queenie Adam emphasized the significance of adhering to data security protocols, citing encryption and compliance with industry standards as essential components of safeguarding sensitive information. As Africa continues to embrace the digital revolution and prioritize data-driven decision-making, the future of business intelligence in the continent holds immense promise for driving economic growth, innovation, and competitiveness.