What business decisions does data help with?

We had the pleasure of featuring Glenn Ogolah , a seasoned growth and product consultant at Sava Africa, in our most recent Data Byte episode. Sava Africa is a leading spend management platform designed to empower businesses by automating their reconciliation and spend control processes. With his expertise and deep understanding of the industry, Glenn sheds light on how data shape business decisions.??

Glenn emphasizes the crucial role of financial data in business operations. One fundamental aspect that financial data addresses is the knowledge of how much money a business has at hand. This information enables businesses to understand their current financial position and make decisions accordingly. Moreover, finance data helps businesses to project their financial needs over time, considering the challenges associated with the fundraising process. This insight ensures that businesses have the necessary resources to support their operations, expansion, or new initiatives. Sava Africa leverages finance data to enable businesses to monitor and regulate their expenditure.

Data access plays a pivotal role in transforming business processes, particularly when it comes to understanding individual markets. Africa, being a diverse continent, is far from being a monolithic entity. The various fintech regulations across different countries significantly impact market dynamics. Market size, characteristics, and needs vary greatly, making it essential to comprehend the nuanced differences. Data serves as a valuable tool in unraveling these complexities. Glenn highlights that accessing consumer data at a granular level poses challenges due to the scarcity of consolidated platforms that provide comprehensive market intelligence. He highlights the efforts of Rwazi in conducting extensive groundwork to gather market intelligence. By leveraging this data effectively businesses can gain the insights needed to navigate and thrive within diverse African markets.?

?To truly serve customers, it is essential to understand their individual needs. However, there can often be a discrepancy between what customers explicitly state they need and the underlying need that may not be articulated. This is where qualitative data becomes invaluable. By harnessing data, businesses gain a clear understanding of customer needs across various sectors. Sava Africa, for instance, leverages data to identify and comprehend customer expectations, allowing them to tailor their offerings accordingly.?

The rapid advancement of technology solutions has significantly influenced the way we collect market intelligence, with data-driven artificial intelligence (AI) leading the way. Firstly, internet penetration has expanded, connecting more people and making them accessible from a digital perspective. As a result, there is a growing need to develop market intelligence tools that interact directly with users while maintaining a human touch. Glenn notes that while quantitative data often takes the spotlight, qualitative data is equally important as it provides valuable context to broaden our understanding of quantitative insights. This is where Rwazi excels, as we effectively bridge the gap between qualitative and quantitative data, helping businesses grasp the essence of both types of information and empowering them to make informed decisions and drive success.

And so we must ask ourselves: How can we leverage the changing technological trends to not only understand the complexities of diverse markets but also navigate them with precision and success?