Modernising Nigeria’s private and public sector: A business analyst’s guide

Nigeria’s business landscape is home to an array of vast and virile businesses characterized by high levels of industrialism and innovation in their varied forms.

These businesses are either categorized under public or private organizations, whose contributions are pivotal to the overall economic health of Nigeria. Both the public and private businesses encounter a series of challenges, hindering progress and growth in operations. Emerging issues like bureaucracy, technological deficit, lack of technical expertise, and a litany of others are factors that set limitations to the realization of a business’ fullest potential, thus intensifying the need for business systems to be modernized, giving chances for Nigerian enterprises to remain competitive.

Achieving this goal rests on the shoulders of business analysts. As experts in organizational transformation, their role in the process cannot be overlooked. By employing tactical and smart approaches, business analysts can improve operational efficiency, increase accountability, and encourage innovation in businesses.

This article therefore sheds a thorough gaze at key strategies business analysts can adopt to position public and private organizations in total modernity. With the help of statistical references and case studies, the article will delve into digital transformation, process reengineering, public-private partnerships, and policy advocacy.

Digital Transformation

In this present fast-paced world, technology has taken supremacy in the chain of affairs, including businesses, which are left with no choice but to embrace the evolution of technologies from one advancement to another, offering easy solutions to numerous challenges. Businesses, whether public or private, must keep up with the digital pace to secure a spot of relevance in the general business terrain.

One of the ways to tap into technology with the aim to modernize a business is through automation. Automation follows a number of tools and systems that allow tasks to be executed based on programmed instructions. It reduces human error and labour, giving room for increased efficiency.

According to Mckinsey, automation could increase productivity in developing countries like Nigeria by up to 50% in years to come. Business analysts must therefore introduce automated systems for businesses to witness firsthand growth. Noting the effectiveness of automation, the Federal Inland Revenue Service of Nigeria (FIRS) utilized an automated electronic tax filing system, and this reduced wastage of time in the processing of tax by 75%, drastically improving the efficiency of tax collection service. And companies like MTN in the private sector are already in the automation trend with the adoption of chatbots, which helps with customer interaction, ultimately improving customer satisfaction and easing human engagement in order to focus more on intensive tasks.

Business analysts can help direct organizations to leverage data analytics, as its significance is another push for digital transformation. These analytics provide insights on customer behaviour, market trends, customer demographics, psychographics, and other critical variables that propel informed decision-making. A study by PwC (2020) revealed that organizations utilizing data analytics are above the competition and are 23 times more likely to outperform counterparts in terms of profitability.

Another aspect of technology proving its mettle in business analysis is cloud computing, making the storage and collaboration of data seamless. Nigeria, as a country, battles infrastructural defects; cloud systems offer the solution to persistent data breaches and stand as a more cost-effective option. Business analysts should guide organizations towards adopting cloud-oriented solutions to secure data and stay aligned with global data security protocols.

Business analysts should gear more efforts to ensure that fintech in Nigeria gains more prominence, such that it’s integrated into the government’s operations. When there’s digital payment platforms fully operational, a certain degree of transparency is assured. The CBN’s eNaira is a perfect example in this case, where technology is reshaping financial systems. Alongside fintech, smart technologies like IoT and artificial intelligence (AI) should be strongly considered to improve public infrastructure and management. These public areas for improvement include traffic management, waste disposal, and energy efficiency.

Public-Private Partnerships (PPPs)

Collaboration in any form breeds maximum productivity, and in the case of business, the collaboration between public and private organizations for a common goal is another tool business analysts can use to enforce the production of large-scale projects. Addressing societal needs like healthcare, education, and community building, combining the efficiency and effort from the private sector with the resources of the public sector, usually breeds significant outcomes.

Innovation like this solves public concerns and improves better standards of living. An example in this regard is the Bus Rapid Transit (BRT) system in Lagos State, which is the result of a PPP between the state government and the private sector. The establishment of BRT in Lagos has greatly improved public transportation, reducing transportation costs and improving travel time.

With the aid of efficient PPP, funding and investment strategies are produced. Business analysts can create financial models that require investment for the implementation of large-scale projects. A perfect example of how public-private partnerships can be leveraged for a course as good as infrastructural development is the Nigerian government’s National Integrated Infrastructure Master Plan (NIIMP), whose plan covers a roadmap that can address Nigeria’s infrastructural demands for 30 years. The execution prerequisite for this plan is an investment of over $3 trillion, where about 50% of funds is expected to come from private investors.

Process optimisation and redesigning

There are processes in many organizations that are obsolete and irrelevant, constantly impeding growth and denying the chance of relevance and competition in a rapidly evolving environment. To rebrand businesses in this mix, business analysts must adopt process optimisation and the reengineering of outdated processes. Getting desired results would demand dissection and analysis of service delivery and organizational workforce, which would either be subject to replacement or training.

One effective method for process optimisation is the Lean and Six Sigma methodology in business analysis, which focuses on practical ways for reducing waste and impacting operational efficiency. This was evident in the aviation industry, where the application of lean management principles allowed for the identification of the industry’s limitations, hence reduced operational costs and initiated smooth airline efficiency.

The process of business reengineering (BPR) is an exercise that analyzes business processes from the root, dissecting them and weighing their values. These processes are further refined and redesigned to achieve active results in alignment with recent-day processes. Nigeria’s banking sector is a major case study here, as practiced by Access Bank: they designed new patterns to reduce the processing of loans from weeks to days, which in turn increased customer interest, trust, and experience, leading to an overall increase of efficiency and market share.

Policy Advocacy and Regulatory Reforms

Driving businesses to embrace modern standards and tools would not be completely successful if appropriate regulations and reforms are not accurately stipulated. Business analysts must ensure that the policies of businesses align with international standards, such that business practices and results can be globally recognised and accepted.

To snatch a spot at the global competition stage, business analysts must ensure that the policies of organizations comply with international demands. For instance, oil-producing companies in Nigeria, to a greater extent, have been able to garner international investors; one way to reassure these investors is through strict adherence to international environmental and safety regulations. Organizations must comply with accepted standards, one of which is the Nigeria Data Protection Regulation (NDPR), guaranteeing customer trust and increasing brand respect.

Business analysts must strive to see that regulatory standards in Nigeria are not only followed but also reformed. These local standards have little acclaim due to diverse complexities like bureaucracy, difficult tax systems, and import and export laws, which all contribute to the fall of some Nigerian businesses. It therefore becomes a professional duty for business analysts to advocate for regulatory reforms to simplify these processes and reduce their negative effects on businesses. Applicable to this premise is the recent tax system reform, where multiple taxes are now paid in a single structure, further reducing the tax burden on businesses.

Capacity Building and Workforce Training

Employees and workers of organizations are not to be left behind. As much focus is given to technology, as much should also be given to human resources. Business analysts are charged to ensure that workforces span through adapting to evolving work patterns by organizing capacity-building workshops to equip employees on the skills necessary for digitalization.

The 2025 prediction of the World Economic Forum is that more than half of employees globally would be forced to upskill or re-skill because of high technological advancements, presenting the need for acute digital literacy. To enact a rapid effect, business analysts should develop strategies meant to empower the leadership cycle in businesses, as they would best foster a culture of innovation and continuous improvement in organizations.

Risk Management and Business Continuity Planning

There are different risks associated with businesses. These risks are mostly unforeseen and are threats to the stability of businesses. They are mostly caused by economic depression or political disharmony. Business analysts must design risk curves that manage business portfolios to preserve long-term sustainability. One way to actualise this is by setting up contingency plans. These plans cover activities that can help rescue operations when there’s an unplanned disruption. This is mostly evident in Dangote Cement companies; despite industry hiccups, production continues, and this has helped them secure a safe spot in the global market.

Cybersecurity and data protection is another way to manage risks, as the digital world is prone to hacks and fraud. It’s important that business analysts urge organizations to set up cybersecurity professionals in order for data to be safeguarded. This is to prepare against the prediction of increased cyber crime in 2025, costing the global economy $10.5 trillion annually, according to the Cybersecurity Ventures report.

Conclusion

Private and public business sectors are both essential to the nation’s economic growth. It’s therefore important that to attract investors and generate more revenue, they must fine-tune their operations in accordance with the digital inclinations of the world today. However, actualisation of this shift needs the professional execution of business analysts; hence, they must direct strategies that drive digital innovation to improve service delivery and a future-ready economy. The role of business analysts in navigating the modernisation journey is veritable; hence, professionals in that regard must rise to the demand to ensure that private and public organizations float in a dynamic global environment.

Success Ajilore is a highly seasoned accounting professional and business analyst with over eleven years of experience, specialising in enhancing operational efficiency, policy improvement, governance, and process optimization of various companies in Nigeria.

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