The Role of Data Analytics in Financial Decision-Making: Risk Management and Growth Opportunities for Bangladeshi Organizations
Shawrin Ahmed Khan1, Sucheta Saha2
1Shawrin Ahmed Khan, Lecturer, Department of Accounting and Information Systems, Bangladesh University of Professionals, Dhaka, Mirpur, Bangladesh.
2Sucheta Saha, Department of Accounting and Information Systems, Bangladesh University of Professionals, Dhaka, Mirpur, Bangladesh.
Manuscript received on 02 December 2024 | Revised Manuscript received on 09 December 2024 | Manuscript Accepted on 15 December 2024 | Manuscript published on 30 December 2024 | PP: 15-25 | Volume-11 Issue-4, December 2024 | Retrieval Number: 100.1/ijmh.D177511041224 | DOI: 10.35940/ijmh.D1775.11041224
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Data analytics knowledge is becoming increasingly vital to Bangladeshi enterprises, enabling them to make better financial decisions, proactively address risks, and set strategic objectives. Hence, this study emphasizes how data-driven tactics are becoming more widely used to make better decisions by offering greater insights into risk variables, market dynamics, and financial health. Organizations in Bangladesh are using a range of data sources, such as financial performance measurements, market trends, and risk assessment reports, to acquire actionable insights about their business operations and the financial environment. Businesses may more accurately assess risks, anticipate market moves, and analyze financial patterns when advanced analytics technologies like predictive models and strategic forecasting software are integrated. Complex tools such as predictive models and forecasting software are very effective in risk assessment, market forecasting, and trend analysis. The findings of the study from such industries as manufacturing, retail, and finance, Fortuna Shoes, Bikroy, and Daraz case studies demonstrated that the organizations utilize real-time analytics to maximally align their operations with consumer behavior. Also, in the same aspect, programs such as Skills Development Program by BRAC can yield socially beneficial results as well. Having all the challenges, the increased use of analytics brings Bangladeshi organizations to a position where they have made critical decisions to perform even better given the complex nature of the economic environment.
Keywords: Data Analytics, Financial Decision, Risk Management, Challenges, Opportunities.
Scope of the Article: Business