How a Data-Driven Approach Helped Ado-Ekiti SMEs Boost Revenue by 28%

For years, small business owners in Ado-Ekiti, like in much of Nigeria, have relied on grit and intuition to navigate the challenging economic landscape. A new report, however, suggests that adding data to the mix can be a game-changer.

An impact report published on October 28, 2024, by the Ado-Ekiti Local Government and Ekiti Enterprise Analytics details the transformative results of the Data-Driven Enterprise (DDE) Model pilot program. The initiative, led by business analytics expert Olaitan Moses Ojo, equipped 42 local businesses with the tools to understand and leverage their own data.

The results were dramatic. On average, the participating businesses saw their revenues climb by 28% and created a total of 54 new jobs in just seven months.

One participant, a local Garri processing cooperative, used the model to analyze market demand, cutting their spoilage by over 40% and increasing monthly revenue by 50%. “Before, we were just guessing,” said the cooperative leader. “Now, we know exactly when and where our customers are. It has changed everything for us.”
The DDE Model works by collecting baseline data on sales and expenses and then using analytical tools like R-Package and Tableau to generate simple, visual dashboards for the entrepreneurs. This allows them to easily spot trends, manage inventory, and optimize pricing.

Hon. Dr. Femi Alade, the Executive Chairman of Ado-Ekiti LGA, praised the program in the report’s foreword, stating, “The DDE model has provided our local entrepreneurs with a level of strategic insight previously reserved for large corporations.” With such a successful pilot, the question now is how quickly this empowering model can be rolled out to benefit more of the nation’s vital SME sector.