Data has a pivotal role to play in today’s technologically advancing world. Data is deriving valuable insights and speeding up decision making for businesses. Efficient use of big data can thus change the way businesses operate.
Estimates suggest that by the end of 2020, there will more than 40 times more data as compared 2015. Multinationals and large conglomerates are already taking advantages of big data. However, small and medium enterprise are also making efforts to utilize the potential of big data.
Big Data and SMEs
Due to their infrastructure, processes and systems, large organisations are better placed to generate and utilize big data to gain better insights. However, it is a struggle for the SMEs. As the volume of their business is small, the volume of data they generate also tends to be small. Big Data can still offer a number of benefits to SMEs. It can help SME make their businesses more agile, analyze and predict in consumer’s behavior and plan their product accordingly.
What could SMEs do using Big Data?
Analyze markets and forecast its trends
Predict price fluctuations
Define buyer personas and profile customers for marketing
Run and manage marketing campaigns
Improve and develop product design
Challenges in choosing Big Data
When it comes to SMEs, biggest challenge is uncertainty about return on investment. Many a times, SME go for average IT infrastructure which reduces their efficiency. Even in cases where SMEs can invest they may not know how to choose the right technology. In such matters, two points need to be considered.
Selecting the right tools
Selecting the right implementation partner.
A knowledgeable and experienced implementation partner plays key role in the success of Big Data. A partner who has experience in leading the projects at scale of SME can understand the challenges faced by SMEs and create meaningful difference with desired end-results for small businesses.
Talking about tools, open source tools like Hadoop, or Spark can act as boon to SMEs. Hadoop can process large sets of structured as well as unstructured in nature. processes in real-time for creating delightful insights for SMEs. Crafsol helps businesses to create easy and efficient digital insights engines to gain an competitive edge.
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