Nowadays, modern industry has been involved in a process of renewal and growth. Driven by digitization and IoT, new levels of productivity and efficiency have been achieved. From the sensors to the more advanced analytics at the management level, every data and services are being integrated into digital platforms. These platforms allow to carry out more detailed and precise analyses taking advantage of the high volume of data generated
Certainly, data is playing an important role in the digitization; allowing businesses to generate better insights and improve the decisions making process with clarity and confidence. However, most SMEs think they can’t access these rewards because they can’t invest in data at this scale. SME data is often held in ERP systems or in a rudimentary local database. This data contains immense value and can be integrate with the new digitization services to improve the all product lifetime cycle. Studies reveal that businesses with 100 or fewer employees report business intelligence and big data adoption rates that are as much as triple that of their larger corporate counterparts .
Smart data is proving to be a key player for SMEs. Promoting the agility and the quality of services is one of its main advantages. Smart data and analytics are all about detecting trends and generate insights to adapt to a changing business environment. The fast respond to the market is the main advantage that offers to SMEs.
To integrate smart data solutions into SMEs is needed to establish a clear strategy. Guideline and goals have to be clear and aligned with the main objectives of the company. The main aspects to take into consideration are:
- Organize Data Collection: focused in dataset which actually makes analytics much easier. In this way is more important capture the information that better describe the process and has more potential for actionable insights.
- Educate Staff: the workers must be trained to support data collection and make easier the use of analytics and visualization tools. It’s helpful to invest in courses to improve the employee’s digital skills. By having employees master such skills, they will better understand the underlying concepts of data organization and will keep data operations running smoothly.
Smart data will improve the SME benefits. Through the identification of new data patterns and trends will improve business management. Adding new IoT data and machine learning based analytics will improve efficiency and the final product quality. Also unlock new insights will allow to personalize the offers. In this way a better customer segmentation will be obtained boosting the conversion ratios.
New digitization technologies are changing the future of the industry and data are playing a key role. It does not matter if you are a large company or a SME, everyone can benefit from smart data. Intelligence extracted from data is the way to take your business to the next level.
In future posts, we will be continue writing about technology and business trends for enterprises. The objective of this blog is to provide a personal vision of how digital transformation trends will be impacting in our daily activities, businesses and lifestyle.
Researcher, his research interest includes machine learning, Industry 4.0, Internet of things, and cyber-physical systems.