Assessing the Effectiveness of Business Intelligence in Business Management: A Case Study of the Banking Sector in Lusaka, Zambia

This study aimed at assessing the effectiveness of business intelligence in business management. A case study of the banking sector in Lusaka Zambia. The objectives of the study were to assess the effectiveness of Business intelligence in risk management, to investigate the effectiveness of business intelligence in enhancing customer insights and segmentation, to examine the effectiveness of business intelligence in promoting competitive advantage and to ascertain the effectiveness of business intelligence in market intelligence. Using case study research design, 50 respondents were purposively selected. Findings revealed that there were more female students enrolled in the programmes. The findings showed that the use of BI provided a very effective risk identification record as indicated by majority respondents (64%). Further results showed that the use of BI provided a very effective platform in mitigating the risks. Findings revealed that customer segmentation and insight was not effective as indicated by majority respondents (78%). Findings showed that operational efficiency was very effective as indicated by majority participants (66%). Similar, findings on market position revealed that it was very effective as indicated by majority participants (42%). Lastly, the findings from the study showed that market trend analysis was very effective as indicated by majority participants (58%). Similar, competitor analysis also revealed very effective position as indicated by majority participants (68%). It was recommended that since effective BI requires accurate and high-quality data and experts, Banks should establish stringent data governance policies to ensure data integrity, which includes regular audits, data cleansing processes, and a centralized data management system to support BI initiatives. Lastly, Banks must adopt advanced cybersecurity frameworks and data protection protocols to secure customer data. Compliance with data protection regulations, such as the Data Protection Act in Zambia, should be prioritized to foster trust and prevent breaches.