How small businesses can be empowered through data-driven revolution — Expert

In today’s rapidly evolving marketplace, the ability to harness data-driven insights is crucial for the success and sustainability of small businesses. Small businesses are the lifeblood and heartbeat of our communities. They power the economy, create jobs, and innovate across every industry.

Tolulope Olupona, a dedicated data scientist and economist, is on a mission to empower small businesses through innovative analytics solutions. She specialises in designing artificial intelligence and machine learning algorithms for building predictive models for businesses. Her recent research addresses many of the challenges faced by small businesses in the present-day marketplace, offering valuable insights that can be applied to drive sustainable growth.

“The importance of supporting small businesses is deeply intertwined with the nation’s economic health. Several studies, including a recent one by Havard and Google, have shown that data-driven companies are more profitable than their peers and have the ability to stay competitive. Access to an open-source data management system will, without doubt, help drive sustainable growth for small businesses. Business owners will more easily adapt and leverage data analytics in navigating the present-day marketplace challenges.” Says Olupona.
Given the current shortage of data scientists and the persistent challenge of retaining employees, the accessibility of a do-it-yourself (DIY) AI-enabled open-source data management system, such as the one proposed by Tolulope, promises significant potential to foster the growth of small businesses. At the top of her mind is the development of an open-access DIY analytics platform to be leveraged by small businesses.

“In a time where data-driven decision-making is paramount, this tool has the potential to revolutionise how small businesses operate and compete in the marketplace. Not only will this system empower small businesses to leverage their own data for decision-making, but it will also provide them with essential knowledge through integrated user guides and educational resources,” adds Olupona.

Tolulope is one of the co-authors of the widely talked-about research in the small business field, Dollar Stores in Illinois: Trading Areas, Consumer Behaviour, and Impacts on Commercial Structure and Incumbent Retailers.

“This research provides insights into economic development impacts for local communities and small businesses. My goal is to continuously seek innovative ways of driving innovation and promoting sustainable growth for small businesses,” adds Tolulope.

In another research endeavour, Tolulope tackles global inequality. Her mission underscores the significance of utilising data science for societal improvement and the advancement of responsible technology.