Overcoming Challenges and Unlocking the Potential: Empowering Small and Medium Enterprises (SMEs) with Data Analytics Solutions

Abstract

In today's data-driven business landscape, Data Analytics (DA) has emerged as a vital tool for organizations to extract insights from their existing data, enabling informed decision-making. While large enterprises have wholeheartedly embraced DA as a strategic asset for operational enhancement, SMEs have been comparatively slower in adopting these transformative solutions. To remain competitive and surpass their rivals, SMEs must recognize the significance of harnessing their data assets effectively to drive decision-making processes. This research aims to delve into the challenges hindering the adoption of DA among SMEs, particularly focusing on issues such as inadequate information infrastructure and limited awareness of the benefits that DA can offer. Furthermore, this study investigates the implementation of data analytics as a practical solution to address these challenges, providing a comprehensive analysis of both the advantages and disadvantages associated with DA adoption in the SME context. By shedding light on the untapped potential of data analytics, this research aims to empower SMEs and equip them with the necessary tools to thrive in today's digitally-driven era of business.