Title: Profitability, effectiveness, operational efficiency, and market growth of SMEs in Albania after piloting data analytics

Authors: Narasimha Rao Vajjhala; Kenneth David Strang

Addresses: Faculty of Engineering and Architecture, University of New York Tirana, Tirana, Albania ' W3 Research, New York, USA

Abstract: The study examines the impact of data analytics on the performance of small- and medium-sized enterprises (SMEs) in Albania. This post-positivist study adopts a quantitative-based approach drawing from both parametric statistics and machine learning models to analyse data collected from 41 SMEs in Albania. The research study was guided by two main hypotheses: the first hypothesis states that data analytics is related to operational efficiency, optimised operations, profitability, and market growth in SMEs; the second hypothesis states that the use of data analytics by the SME was perceived by the participants to significantly increase production. The results of the analysis showed that 80% of SMEs have accepted data analytics, which was positively associated with all key performance indicators. The outcomes reveal a strong association between data analytics and improved operating efficiency, efficient operations, profitability, and market expansion.

Keywords: data analytics; SME performance; operational efficiency; market growth; profitability; process optimisation; quantitative analysis; machine learning models; post-positivist approach; female entrepreneurs; statistical correlation; business strategy; innovation in SMEs; data-driven decision making; competitive advantage.

DOI: 10.1504/IJSS.2024.140078

International Journal of Services and Standards, 2024 Vol.14 No.1, pp.51 - 64

Received: 12 Dec 2023
Accepted: 23 Feb 2024
Published online: 20 Jul 2024 *

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