By 2023 Bloomberg Television will be expanding to Africa as the chief commercial officer Stephen Calvin confirmed that Rwanda is one of the countries that they will be expanding to. It is a good opportunity that one of the countries in Africa can have access to Bloomberg’s coverage and vast resources. In this article, we explore what Bloomberg’s expansion to Rwanda means to the country and Africa at large.
Using the power of technology, Bloomberg connects the world’s decision makers to accurate information on the financial markets – and help them make faster, smarter decisions. Bloomberg will play a good role in providing financial data, news and insights on the Rwandan economy.
The Power of Data in Decision Making :
Decisions based on data are increasingly taking over public discussions and text. Policy makers over time have relied on data to make decisions and it has proven to be effective but policy makers have things they can not change like the fact that effort will depend on great measure and practice. Data in decision making provide you with analytical understanding.
What is The Importance of Data Driven Decisions :
Data driven decisions provide businesses or companies with real time insights and predictions to optimize their performance for the businesses while for the investors it gives them a 360 view of the business opportunity they want to undertake in a certain geographical location and this may give them an overview of the time their business will take to break-even point.
Data driven decisions give companies an opportunity for continuous learning, better communication, ideas of new business opportunities, ideas on market adaptability, Ideas on innovation and knowledge. Name it.
Continuous learning :
Data driven decisions rely on consistency and this means making decision after decision to be able to determine key performance indicators of success. This helps the company learn as they go through that process.
Better communication :
A data driven approach can make a company better at reaching out to their customers because they do not make assumptions while communicating but rather use the right tone for the right demographic.
Business opportunity :
With data driven decision, companies can identify opportunities for future investment because they have market insights and projections that help them understand the market better.
Market adoption :
Data driven decision making allows companies or countries to understand their market with accurate information about the mark size and trend periods.
Innovation and knowledge :
With a data driven approach, companies are able to understand where in their customers’ journey they need to innovate and at the same time they will be learning and improving their understanding on different things.
How Do Data Driven Approaches Affect a Country’s Decision Making ?
Data driven decisions in a business or country attract investors, business decision makers, policy makers and in general countries need reliable sources of information that can affect the countries’ daily activities especially in developing countries.
Data driven decisions approaches enable countries to save money because it analyzes every possibility that can lead to a loss through data forecasts. Every country has to find ways to generate data either through research centers, statistics institutions, newsletters or televisions. Data availability is one of the key action points investors base on before making an investment in a country.
The setting up of Bloomberg television in Rwanda gives the country hope for future development through investors, business owners, learners and hopefully the country will have more data driven citizens which will in turn increase their businesses’ longevity and success.
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Marie Nadine Isimbi
Marie Nadine Isimbi is a conservationist/activist. On April 2nd 2022, Isimbi graduated from college with a Bachelors of Arts(Hons) in Global Challenges degree with a specification in environmental and wildlife conservation. Has work experience in the conservation sector of cumulatively 6+ months in Africa. Worked with reputable local and international organizations. Partnered with diverse people from different cultures and regions in Africa. Developed skills set educating community on the importance of conserving the natural resources for the future use and living a sustainable lifestyle especially in East Africa. She is passionate about storytelling and she believes that Storytelling influences us to do good.