Small to medium enterprises (SMEs) are faced with significant challenges when it comes to data management, storage, and growth. When combined with the strain of digitization and reliance on connected devices, this creates a perfect storm for SME data management. Whether you call them big data, data science, or artificial intelligence; new technologies are reshaping the way businesses operate. With that in mind, let’s take a look at how these three fields can help your company grow in a very challenging market.
Data Engineering for Small to Medium-sized Businesses
Data engineering is the construction or alteration of data assets for a business or organization. These assets may be structured or unstructured and the engineering process typically involves the management of integration, data architecture, or data modeling. In the context of big data, data engineering is centered on how data is collected and processed. More often than not, big data is generated from a wide range of sources including data from IoT devices, sensors, logs, and more.
It’s important to note that these sources are often unstructured and in different formats. This is where data engineering solution comes into play. The goal of data engineering is to gather, store and make sense of these large amounts of data. For small to medium-sized businesses, the data engineering process is generally focused on gathering and storing data. Small businesses are unlikely to gather data in the same way as much larger enterprises, and they may not have the resources to integrate and process large amounts of data.
Big Data for SMEs
Big data can be best described as the analysis of large volumes of data that are generated from various devices and sensors. The main objective of data analysis is to derive meaningful insights that can be applied to solve business problems. Big data can help companies make better and more informed decisions by drawing from real-time data from their customers, products, operations, and other aspects of their business. Big data is usually managed and analyzed by data scientists or data engineers who may use tools like Hadoop, Apache Spark, or cloud-based platforms like Amazon Web Services, Microsoft Azure, or Google Cloud Platform to store and process data. These tools are designed to scale for larger organizations and are likely too resource-intensive for smaller businesses.
Machine Learning for SMEs
Machine learning helps computers gain knowledge without being explicitly programmed. In other words, it’s the process by which computers analyze data and draw conclusions based on that data. This can be applied to huge amounts of data, enabling businesses to take advantage of insights they may not have otherwise been able to gain. Some common uses of machine learning in the business world include fraud detection, image recognition, customer sentiment analysis, search engine optimization, and more. Machine learning is made up of two different components: modeling and prediction. Modeling is the process of creating a computer program that analyzes the data. Once the computer program has been created, it can then be “trained” to make predictions about future data.
SMEs are generally data-poor compared to larger organizations, but that shouldn’t stop them from leveraging data to grow their business. Data engineering, big data, and machine learning are tools that can be used to transform raw data into actionable insights. By investing in these technologies, SMEs can take advantage of their data and scale their operations to better meet customer expectations. With the right data management strategy, your business can increase revenue and customer engagement and better prepare for the future.
Author: Muthamilselvan is a Team Lead in Digital Marketing and is passionate about Online Marketing and content syndication. He believes in action rather than words. Have 7 years of hands-on experience working with different organizations, Digital Marketing Agencies, and IT Firms. Helped increase online visibility and sales/leads over the years consistently with extensive and updated knowledge of SEO. Have worked on both Service based and product-oriented websites.