In order to gather information on Kenya's import and export trade, the Kenya's trade Network Agency (Ken Trade) has invested Sh90 million in a business intelligence (BI) tool. Through the extraction and analysis of real-time data, the tool is anticipated to facilitate trade in Kenya by assisting government organisations and trade facilitators in making data-driven decisions. Let's look at how the new business intelligence tool is helping Kenya's trade.
KenTrade invests Sh90Mn on Big Data for Trade Efficiency
It has been highlighted that big data and economic globalisation are now important factors in trade. Business models that rely on import and export trade are becoming more prevalent. The Business Intelligence (BI) Tool was purchased by Kenya's trade network agency, KenTrade, for Sh90 million in an effort to gather large data on the country's import and export commerce.
Through the extraction and analysis of real-time data, the tool is anticipated to facilitate, Trade with Kenya by assisting government organisations and trade facilitators in making data-driven decisions. Amos Wangora, chief executive officer of KenTrade, said the agency will use the move to access pertinent data from stakeholders' systems while speaking at the tool's pilot launch.
"In the past, the TradeNet System's report generating functions had limits, and it was necessary to improve reports and gather data, particularly for cross-border trade. For better decision-making and efficiency, we have also observed a need to harness extra pertinent data from stakeholder systems, the official said.
He further stated that in order to improve decision-making and efficiency, the agency has recognised the necessity to gather extra pertinent data from stakeholder systems. The tool became live on June 30, 2022, and was co-funded by TradeMark East Africa (TMEA).
Partner Government Agencies (PGAs) will each receive a licence to view reports and visualisations pertinent to their data during the roll out phases. The PGAs will also have access to standard.
More analytical and complicated reports will be offered at a cost to support the Business Intelligence, Data Warehousing, and the Integration Layer, IL infrastructure. The Mombasa Port and Northern Corridor Community Charter, MPNCCC related reports will be uploaded to its website.
Almost 38 Partner Government Agencies are currently connected to KenTrade, including the Mombasa Port, Kenya Revenue Authority, Kenya Bureau of Standards, and Northern Corridor Community Charter. Others include KEPROBA, banks, and insurance companies.
The Kenya National Bureau of Statistics, the Kenya’s Trade Board and Management, the Ministries of Finance, Trade & Industry, KIFWA, and the Shippers Council are among the other users anticipated to get advantages from the programme. In an effort to improve efficiency, the Agency recently revamped its TradeNet System, which prompted the decision.
What is the New BI Tool?
Application software created specifically to retrieve, analyse, transform, and report data for business intelligence is known as business intelligence software or BI Tool. The majority of the time, but not always, the apps read data that has previously been stored in a data warehouse or data mart. Through the extraction and analysis of real-time data to assist trade facilitators and government agencies in making data-driven choices, the BI tool is crucial in supporting ease of Trade with Kenya. The BI will also assist the Agency in identifying its internal and external strengths and weaknesses, find areas for further innovation, and play a key role in achieving its objective of lowering the cost of doing business in Kenya.
The technology, currently referred to as the Trade Facilitation Platform (TFP), is superior and will offer a better user experience because it is built on cutting-edge technologies and includes best global practices and standards and Kenya’s trade. Approximately 25 partner government agencies have already joined the upgrading, which started in August 2021.
So that it may continue to offer distinctive goods and services, KenTrade has continued to adopt and apply developing technology. These initiatives attempt to lower the cost of doing business within the nation by giving stakeholders the chance to conduct business in a seamless, effective, and efficient manner. Also, the Kenya import data comes with the actual product description and is very helpful to track the product movement over the world. If you need any guidance regarding Kenya trade data or Kenya import data, you can obtain valuable information by kenyatradedata professionals. They can ensure that accurate and authentic data reports are delivered and traders can download free Kenya custom data reports.