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THE ROLES OF BIG DATA IN FINANCIAL MANAGEMENT: ASSESSING ITS POTENCY IN STREAMLINING OPERATIONS AND REDUCING COST.

ABSTRACT

This study examined the roles of Big Data in financial management and also assessed its potency in streamlining operations and reducing operational costs. Descriptive survey design was adopted for this study. The study area is Nigeria and the targeted population for the study comprised all entrepreneurs in Nigeria. A stratified sampling technique was used in selecting 60 entrepreneurs each from 3 geographical zones in Nigeria (North-Central, South-East and South-South geographical zone). This gave a total of 180 respondents, which formed the sample size for this study. The instrument used for data collection was a structured questionnaire titled “Big Data and Financial Management Questionnaire” (BDFMQ). Face and content validation of the instrument was carried out by an expert in test, measurement, and evaluation in order to ensure that the instrument has the accuracy, appropriateness, and completeness for the study under consideration. The reliability coefficient obtained was 0.88, and this was high enough to justify the use of the instrument. The researcher subjected the data generated for this study to appropriate statistical technique such descriptive statistics used in answering research questions. The study concluded that big data plays a transformative role in modern financial management by enhancing decision-making, improving operational efficiency, and significantly reducing operational costs. One of the recommendations made was that organizations should invest in modern data storage systems, cloud computing platforms, and advanced analytics tools to effectively manage large and complex financial datasets.

KEYWORDS: Big Data, Financial Management, Operations, cost

Victor Ajibayo ADEYEYE, Ph.D. AND Lawal Sakiru Abiola, Ph.D.

UNIVERSAL ACADEMIC JOURNAL OF EDUCATION, SCIENCE AND TECHNOLOGY