Analyzing the Role of Big Data Analytics in Shaping Evidence-Based Entrepreneurial Strategies and Competitive Advantage

Abstract

The emergence of digital data has changed the decision-making process in entrepreneurship by enabling entrepreneurs to apply big data analytics to business decisions. Although there is increased use of analytics technologies in firms, many entrepreneurial firms base their decision-making on intuition. The current study explores the impact of big data analytics on evidence-based entrepreneurship strategy and competitive advantage. This study uses an interpretivist research philosophy and utilizes a qualitative research methodology where multiple case studies have been employed as a research method. Semi-structured interviews have been used to collect primary data from 22 participants, including founders and owners of startups and SMEs, innovation managers, and entrepreneurial consultants from different industries such as technology, e-commerce, FinTech, healthcare, and retail. Secondary data from industry reports and company websites complemented primary data. Five key themes were found from the analysis. Opportunity identification via analytics was mentioned by 19 respondents (86.4%) and was the most frequent theme. Strategic planning based on evidence was mentioned by 18 respondents (81.8%), highlighting the growing use of analytics in decision-making. Customer-oriented innovation was noted by 17 respondents (77.3%), and competitive advantage through predictive intelligence was stressed by 16 respondents (72.7%). Difficulties in implementing analytics, such as a lack of expertise, high costs, and data issues, were reported by 14 respondents (63.6%). It can be concluded that analytics capabilities foster entrepreneurship and help in developing better strategic plans and innovative ideas. The use of big data analytics is a strategic capability that enables evidence-based decision-making in entrepreneurship and provides competitive advantages. Analytics helps an organization recognize opportunities and be more proactive in responding to market changes. This research adds qualitative information to entrepreneurship literature and provides insights for entrepreneurs interested in data-driven business strategies.