The advent of big data is expected to transform small and medium-sized businesses, as it will allow them to gather more insight on customers, giving them a competitive advantage and increasing sales. According to a new study by Techaisle, roughly 34 percent of medium-sized companies and 12 percent of small firms are using business intelligence and are interested in analytic tools that can enhance data quality
Another 40 percent of midsize organizations said they are interested predictive analytics, which will enable them to cut costs by determining what customers are looking for, the study noted. However, there is a lack of internal expertise that may bar the adoption of the technologies among SMBs.
"[Business intelligence], analytics and [performance management] have been identified as one way to filter vast and growing amounts of information to reach insights and decisions in the digitized world, which is transforming industry after industry," Gartner principal analyst Dan Sommer said.
However, there is still a general lack of understanding when it comes to determining big data analytic's return on investment, which may slow the SMB adoption of the technologies, Techaisle noted.
By Richard Jones