While this may seem somewhat counterintuitive, but instead of large organizations, it is actually small business owners and midsize companies who tend to be more inclined towards the applications of Big Data. They are also the first to adopt these latest technological innovations of which analytics is no exception – as these internet and data based insights are highly accessible and also affordable for SMBs.
As per the researchers in the fields of technology, the entry level capabilities in such fields like analytics has abruptly dropped which is why almost all types of industries from an array of sectors are engaging with them to enhance their competitiveness; and the wheels have already started to roll when it comes to increasing overall global competitiveness.
Business is no longer about the simple fact of making it to the bottom line, it is now more about garnering loyalty and customer interest and to add value to a cause with a genuine interest of fostering a sense of community. And data analytics helps businesses do just that with the help of simple user interfaces and attractive visualization tools. Moreover with the use of enhanced and intuitive algorithms and natural language capabilities, forward thinking SMBs i.e. small and midsize businesses can access them with much ease. This is a positive development as most consumers these days expect similar experience across all channels and also real time services. This is a common expectation for all kinds of businesses regardless of volume in the present world. And despite having a small size, SMBs are still expanding beyond borders and is being driven partially by data driven, better informed system of decision making.
According to a latest survey report 92 percent of all SMBs now rely upon at least one cloud business solution system and 87 percent of all SMBs use at least one cloud infrastructure solution system. Witnessing such success with cloud systems more and more companies, especially small ones are leaning towards utilizing more of these ecosystems. A recent study by Mint Jutras also confirmed a similar trend in which a minority of SMBs still rely on piecemeal and some other disjointed approaches to doing business in the modern world. But there is a majority of companies that are using spreadsheets and combining them with other analytical tools and experimenting to more with their data. The common notion among most business owners where they believed that their gut was the best tool for taking good decisions is now witnessing a revolutionary change, wherein they believe that their company data can be a better guide towards success.
Now the business world is algorithmic where companies need fact based information to business decisions and this can be only achieved by using Big Data from customers and connecting them to company operations and back. And with the emergence of cloud based systems are within easier reach for businesses, especially the SMBs.
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