Big Data can offer struggling SMEs an opportunity to gather all data about their own businesses, suppliers, partners, and even customers, thereby generating insights to compete with the big players.
Big Data is a large, complex volume of structured and unstructured data that may be created from multiple sources and can overwhelm businesses on a day-to-day basis. The impact of Big Data lies not only in the amount of data that has been generated but also in how that data can be converted into insights for the furtherance of the business. Big Data has been disrupting various industries since its inception. Meanwhile, Big Data has a bigger purpose for small and medium-sized enterprises (SMEs).
Big Data’s promises and potential for SMEs are significant. It creates real-time solutions for key challenges in every sector that can foster alliance in SMEs, which can be accomplished by harnessing the openness for decision-making. Besides its significant contentious problems such as storage space, the capacity of the organisation in terms of generating and processing sensitive details from it for their security, has made Big Data a common term used across sectors.
A huge volume of data is generated daily by businesses as they receive a plethora of information about day-to-day sales, social media, and numerous applications. Even though the concept has been around for years, only in recent years, a large number of organisations have recognised the value and usefulness of Big Data and its analytics. As a result, there is a growing number of industry leaders that identify the fact that data can do wonders in transforming business and uplift it to the next level in the growth ladder. Its significant advantages have proved that Big Data would be the right partner for businesses that have the capability to ensure robust growth and opportunities in the sector.
Besides the growing awareness about Big Data, many have yet to realise the importance of Big Data and understand the fact that it can be utilised in many ways if it is activated properly. Surveys have proved that the potential of Big Data has not yet been understood and utilised fully to help the business operators make smarter business moves and drive efficient business operations. As the role of data evolves, more businesses have started adopting the transformative technology to organise and analyse their valuable data.
When it comes to SMEs, Big Data enables them to identify new things about their system by assaying data and finding out existing and future risks, correlations, available opportunities, and more information that they might have failed to notice earlier. Because of its potential to enhance decision-making process, Big Data can support SMEs to stay stable even in a highly competitive economy. It can also help them simulate different situations to improve existing product/service or to develop new upgraded ones with handful of insights. Meanwhile, decision-makers have to be decisive at the very beginning to find which data or how much data they have to use to further their business efficiency, so that they can make informed decisions. These analytics are possible only when they have a clear vision of their need, target, and desired outcome.
Every sector has got a very competitive environment where SMEs have to struggle a lot to sustain. Big Data can offer these struggling SMEs an opportunity to gather all data about their own businesses, suppliers, partners, and even customers with which they can do an in-depth analysis to find the prevailing opportunities in the sector, thereby generating insights to compete with the big players. A large collection of datasets can provide the SMEs with a deeper understanding of the existing and potential state of their own companies. By that means, Big Data finds grounds for future quantitative and qualitative research. While considering all the facts that are discussed above, SMEs should realise that Big Data has to be considered as an important concept to get a competitive advantage in businesss.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)