Published Online:January 2025
Product Name:The IUP Journal of Knowledge Management
Product Type:Article
Product Code:030125
DOI:10.71329/IUPJKM/2025.23.1.52-72
Author Name:Andriy Andrushko
Availability:YES
Subject/Domain:Management
Download Format:PDF
Pages:52-72
In today’s rapidly evolving business environment, small and medium enterprises (SMEs) face a range of challenges, including insufficient managerial skills, limited access to financial resources, and low utilization of new technologies. These challenges are often exacerbated by centralized decision-making, where most major decisions are made by a single proprietor or owner, leading to potential management inefficiencies. This paper explores the critical role of business analytics (BA) in supporting strategic management decisions within SMEs, using a case study from the Foreign Languages Studio, a small teaching service provider in Ukraine. The case study examines the application of BA to facilitate a management approach transformation at the studio, embracing increased employee involvement and adjustments to the compensation scheme. By leveraging BA, the studio was able to evaluate the impacts of different pricing strategies and operational approaches, leading to more informed and rationalized decision-making. The study highlights the importance of considering factors such as employee motivation, workload distribution, and rigorous financial forecasting in the transformation process. The findings suggest that the integration of BA into decision-making frameworks can significantly enhance the ability of SMEs to navigate complex business environments and overcome inherent challenges. The paper concludes by advocating for the adoption of BA as a proactive strategy for guiding growth and transformation in SMEs, emphasizing its potential to contribute to the long-term viability and success of these enterprises in a competitive landscape.
Small and medium enterprises (SMEs) play a significant role in a nation’s wealth creation, employment generation and economic development (Ibarra et al., 2020). They are seen as contributors to socioeconomic growth due to their significant impacts on increasing the