Relationship between ICT Innovation and Data Analytics in Promoting Business Growth

ABSTRACT: In contemporary business world, technological advancements and one upmanship are very rapid and particularly in the case of startups and small and medium-sized enterprises (SMEs). The key to growth removal and competitiveness is Information and Communication Technology (ICT) innovation and strategic use of data analytics, in the first place. This hypothetical research paper discusses the correlation between ICT innovation and data analytics in the development of business in what is already the emerging economies as the primary audience but the West Africa and Nigeria specifically. The study uses peer-reviewed journals, books, industry reports, and historical analysis in order to amalgamate previously learned facts, as part of the conceptual research method. The results indicate that the innovations of ICTs, including the application of cloud computing, artificial intelligence, automation and digital platforms, are the strategic resources, which enhance the operational efficiency and competitive advantage, and the process of implementing the data analytics enables the firms to transform the technological capabilities into actionable insights, inform the use of informed decision-making, market growth and innovation successes. The research also indicates that there are some pivotal drivers and obstacles that influence integration of ICT and analytics in business activities. It is upon these insights, recommendations are given to the entrepreneur, the business leader, and the policy makers to enable them make good use of ICT and data analytics to attain sustainable growth, improved performance, and competitiveness in the future.

KEYWORDS: ICT Innovation, Data Analytics, Business Growth, Startups, Emerging Economies.