Abstract
The following paper explored data mining issues in Small and Medium Enterprises’ (SMEs), firstly exploring the relationship between data mining and economic development. With SME’s contributing most employment prospects and output within any emerging economy such as the Kingdom of Saudi Arabia. Adopting technology will improve SME’s potential for effective decision making and efficient operations. Hence, it is important that SMEs have access to data mining techniques and implement the most suited into their business to improve their business intelligence (BI). The paper is aimed to critically review the existing literature on data mining in the field of SME to provide a theoretical underpinning for any future work. It has been found data mining to be complicated and fragmented with a multitude of options available for businesses from quite basic systems implemented within Excel or Access to more sophisticated cloud-based systems. For any business, data mining is trade-off between the need for data analysis, and intelligence against the cost and resource-use of the system put in place. Multiple challenges have been identified to data mining, most notably the resource-intensive nature of systems (both in terms of labor and capital) and the security issues of data collection, analysis and storage; with General Data Protection Regulation (GDPR) a key focus for Kingdom of Saudi Arabia businesses. With these challenges the paper suggests that any SME starts small with an internal data mining exercise to digitalize and analyze their customer data, scaling up over time as the business grows and acquires the resources needed to properly manage any system.
Highlights
The following paper will critically analyze the current literature available on data mining within Small and Medium Enterprise (SME)’s and the commercial benefits that such provides to business success and development.It is a well-known fact that advancement in the field of computing, especially in the field of data storage and communication network, has made storage of a large amount of data easy, and somewhat essential for business decision making and operations
Multiple challenges have been identified to data mining, most notably the resource-intensive nature of systems and the security issues of data collection, analysis and storage; with General Data Protection Regulation (GDPR) a key focus for Kingdom of Saudi Arabia businesses
It is a fact that SMEs, especially in emerging economies like the Kingdom of Saudi Arabia, are lagging in the adaptation of the data mining, business intelligence and machine learning
Summary
The following paper will critically analyze the current literature available on data mining within SME’s and the commercial benefits that such provides to business success and development It is a well-known fact that advancement in the field of computing, especially in the field of data storage and communication network, has made storage of a large amount of data easy, and somewhat essential for business decision making and operations. Small and Medium Enterprise (SME) and their Role in Economic Development While SME’s may not be as publicly visible within the economy versus large corporations such as Amazon, BT, Primark etc., they are vital for the success and growth of the Kingdom of Saudi Arabia economy They are not listed on the FTSE 100, yet SME’s make up 99.9% of all businesses in the UK, with 96% designated as micro-business (employing no more than 10 people) [1]. The rationale for this paper is to encourage the SMEs in the kingdom of Saudi Arabia to adapt the modern business practices as well technological tools to get a technical advantage
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