Are SMEs using big data correctly or is there a huge knowledge gap? That’s the question asked and answered by Priority’s VP R&D, Leor Barth, in his recent article in Dell UK’s Tech Page One. Leor’s tips will get you (and keep you) back on track…
Big data is often touted as a highly effective growth tool for SMEs, helping decision makers to drive performance and gain valuable insights to keep them ahead of their competitors. Recent research published by Warwick Analytics in association with the Alan Turing Institute seemed to confirm this – with manufacturing SMEs revealing tools such as ERP, BI and CRM identified “hidden information” within processes which provided business critical insights.
For SMEs who have yet to take advantage of extracting the value from big data, this can sound like a daunting prospect. The same survey revealed a notable lack of understanding of how big data works in practice – keeping ‘big data’ firmly in the buzzword stakes. Around half of respondents said they didn’t have a clear understanding of the difference between big data analytics, predictive analytics and business intelligence.