By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    data Analytics instagram stories
    Data Analytics Helps Marketers Make the Most of Instagram Stories
    15 Min Read
    analyst,women,looking,at,kpi,data,on,computer,screen
    What to Know Before Recruiting an Analyst to Handle Company Data
    6 Min Read
    AI analytics
    AI-Based Analytics Are Changing the Future of Credit Cards
    6 Min Read
    data overload showing data analytics
    How Does Next-Gen SIEM Prevent Data Overload For Security Analysts?
    8 Min Read
    hire a marketing agency with a background in data analytics
    5 Reasons to Hire a Marketing Agency that Knows Data Analytics
    7 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-23 SmartData Collective. All Rights Reserved.
Reading: Big Data and the SME: Prepare to Succeed
Share
Notification Show More
Aa
SmartData CollectiveSmartData Collective
Aa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Business Intelligence > Knowledge Management > Big Data and the SME: Prepare to Succeed
Big DataBusiness IntelligenceExclusiveKnowledge Management

Big Data and the SME: Prepare to Succeed

Andrej Kovacevic
Last updated: 2018/03/04 at 2:00 PM
Andrej Kovacevic
5 Min Read
big data and SMEs
Shutterstock Licensed Photo - By Wright Studio
SHARE

Questioning the average person about big data reveals that most associate big data with big business. Global enterprises like Amazon, American Express, and Netflix are just a few commonly cited examples. The reality though, is that companies in the SME space are the real drivers of the big data revolution. Studies reveal that businesses with 100 or fewer employees report business intelligence and big data adoption rates that are as much as triple that of their larger corporate counterparts.

Contents
Define Success When Crafting a Big Data GameplanOrganize Data CollectionEducate StaffDecide and Conquer

There’s a whole host of reasons that big data is proving to be an excellent match for SMEs, but the most important of which has to do with the natural advantage that SMEs have over larger competitors: agility. Big data and analytics are all about detecting trends and gleaning insights in order to adapt to a changing business environment, but it’s the ability to quickly react that makes big data such a natural fit for SMEs. Success, though, does not come without effort.

To wield big data to the greatest advantage, managers of SMEs must prepare their organizations from the ground up to make use of it. Here are the key steps for SMEs to take before getting started with a big data platform.

Define Success When Crafting a Big Data Gameplan

Before making any attempts to integrate a big data solution into an SME, managers must first outline clear-cut goals that they hope to achieve through its use. It’s all too easy to get lost in an ever-advancing world of big data tools and technologies for businesses that haven’t defined what they hope to gain from big data. While this may seem like the obvious first step, it’s one that is often overlooked.

More Read

analyst,women,looking,at,kpi,data,on,computer,screen

What to Know Before Recruiting an Analyst to Handle Company Data

Tackling Bias in AI Translation: A Data Perspective
How Residential Proxies Help Improve Data Gathering
The Role of Data in Understanding Demographics for Effective Marketing
7 Ways Data Monetization is Changing the Information Technology Job Market

It’s worthwhile to create a working group of key decision makers to create a consensus view of what business improvements are desired, and how any benefits will be measured. Only then can the work of designing a big data plan proceed. Once there is a broad agreement among the group, make a short list of measurable goals for the big data project.

Organize Data Collection

Although a typical SME won’t have access to the same volume of data that a larger company can amass, they can turn that perceived deficiency into a strength. In most cases, SMEs will begin with a more focused dataset which actually makes analytics a much easier task. That being said, the more information that is brought to bear, the better the potential for actionable insights.

To build out data collection operations, businesses in the SME space can employ a variety of strategies. An excellent starting point would be available internal operations data such as sales reports, website statistics, and customer service query data. Businesses with an existing CRM system will also be able to extract contact data for analysis as well.

Educate Staff

In order to support ongoing data collection efforts and facilitate easier use of analytics and visualization tools, an SME workforce must be trained to understand how their work connects to the company’s big data plan. It’s helpful to invest in courses that teach employees skills such as the advanced use of Excel, as it’s a commonly accessible platform that is also used for cleaning datasets. By having employees master such skills, they will better understand the underlying concepts of data organization that will keep data operations running smoothly. These employees will comprise the support system of all future big data initiatives, so they cannot be overlooked.

Decide and Conquer

Only after all of these crucial steps have been completed is an SME ready to embrace a big data future. Failure to prepare in this way before reaching out to vendors and consultants will only result in wasting precious IT dollars and will guarantee subpar returns. After all, while an SME may not have the big data expertise to go it alone, nobody will know their market better than they do. That’s why creating a clarity of purpose and laying the groundwork beforehand is the best and only way to unlock the true potential of big data for an SME.

TAGGED: big data, business agility, data collection, data visualization, datasets, SME, SME strategy
Andrej Kovacevic March 5, 2018
Share This Article
Facebook Twitter Pinterest LinkedIn
Share
By Andrej Kovacevic
Follow:
Andrej is also a dedicated writer and digital evangelist. He is pursuing an ongoing mission to share the benefits of his years of hard-won expertise with business leaders and marketing professionals everywhere. He is a contributor to a wide range of technology-focused publications, where he may be found discussing everything from neural networks and natural language processing to the latest in smart home IoT devices. If there's a new and exciting technology, there's a good chance Andrej is writing about it somewhere out there.

Follow us on Facebook

Latest News

smart home data
7 Mind-Blowing Ways Smart Homes Use Data to Save Your Money
Big Data
ai low code frameworks
AI Can Help Accelerate Development with Low-Code Frameworks
Artificial Intelligence
data Analytics instagram stories
Data Analytics Helps Marketers Make the Most of Instagram Stories
Analytics
data breaches
How Hospital Security Breaches Devastate Local Communities
Policy and Governance

Stay Connected

1.2k Followers Like
33.7k Followers Follow
222 Followers Pin

You Might also Like

analyst,women,looking,at,kpi,data,on,computer,screen
Analytics

What to Know Before Recruiting an Analyst to Handle Company Data

6 Min Read
data perspective
Big Data

Tackling Bias in AI Translation: A Data Perspective

9 Min Read
residential proxies
Big Data

How Residential Proxies Help Improve Data Gathering

7 Min Read
demographics big data in marketing
Big Data

The Role of Data in Understanding Demographics for Effective Marketing

7 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data
AI chatbots
AI Chatbots Can Help Retailers Convert Live Broadcast Viewers into Sales!
Chatbots

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?