Big data for SMEs: A review of utilization strategies for market analysis and customer insight
1 University of Potomac, Virginia Campus, USA.
2 Independent Researcher, UK.
3 Sanctus Maris Concepts Ltd, Nigeria.
4 Ulster University, UK.
5 Independent Researcher, Lagos Nigeria.
Review
International Journal of Scholarly Research in Multidisciplinary Studies, 2024, 05(02), 001–018.
Article DOI: 10.56781/ijsrms.2024.5.2.0044
Publication history:
Received on 02 October 2024; revised on 09 November 2024; accepted on 12 November 2024
Abstract:
This paper provides a comprehensive review of how small and medium-sized enterprises (SMEs) can leverage big data for market analysis and customer insights, offering strategies to enhance competitiveness in today’s data-driven economy. The study explores the role of big data in helping SMEs understand customer behavior, preferences, and trends, enabling them to make informed decisions and improve customer satisfaction. It highlights the practical challenges SMEs face in adopting big data solutions, including limited resources and technical expertise, and suggests scalable, cost-effective strategies for data collection, storage, and analysis.
Key utilization strategies discussed include the integration of cloud-based platforms for data management, the use of data analytics tools to process customer feedback, and the application of machine learning algorithms to predict customer behavior. The paper also examines case studies where SMEs successfully implemented big data solutions to achieve significant market insights and improve business outcomes, such as enhanced marketing strategies, personalized customer experiences, and streamlined operations.
The review concludes that, despite the challenges, SMEs can effectively harness the power of big data by adopting tailored strategies that align with their specific business needs and resources. By utilizing big data, SMEs can gain a competitive edge, improve customer engagement, and ultimately drive business growth. The paper emphasizes the importance of training, data literacy, and the need for partnerships with technology providers to ensure the successful integration of big data into business processes.
Keywords:
Big Data; SMEs; Data-Driven Decision Making; AI-Driven Analytics; Cloud-Based Platforms; Data Collaboration; Hyper-Personalized Marketing; Data Governance; Machine Learning; Data Privacy; Customer Engagement; Data Talent; Predictive Analytics; Data Strategy; Competitive Advantage
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Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0