SMEs may also consider creating a small interdisciplinary team to experiment with extracting business value from data instead of limiting it to skilled but isolated individuals such as those in the IT department.
In fact, to make things easier and more accessible, these days SMEs have much better access to the latest technology as competition continues to drive prices down and hardware becomes more of a commodity. Furthermore, software, services and even infrastructure can now be delivered over the cloud, making them even more attainable and scalable.
Additionally, cloud delivered infrastructure can help SMEs take advantage of more sophisticated IT operations, which previously might not have been accessible to them due to high costs of operations and up-front investments. SMEs can now start small and face less of a constraint when adopting new technologies.
Think big (data) now
Interestingly, several forward looking SMEs are already seeing big data as something more than just a buzz phrase. They are already harnessing the power of analytics to gain insights into business trends, make market projections, understand customer behavior and more. Big data and analytics is allowing these SMEs to be run more efficiently and become more competitive.
As exemplified earlier by the Amazon story, many successful smaller companies have already shown how data and insightful analytics have created unimaginable business opportunities.
Moving forward, big data will become an integral part of almost every industry. Applications that are essential to managing data are only going to become more accessible, affordable and user-friendly. It is certainly going to be easier for smaller firms to tap on big data and achieve bigger results. Nevertheless, those that start to embrace big data and analytics now will benefit most in the future.
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