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Big Data Transforming Small and Medium Enterprises
Abstract
The terms big data, analytics, and business intelligence are often used in the media, with much attention on Fortune 500 enterprises. Small and medium-sized businesses (SMEs) also handle large amounts of data, and it is important to their decision making and planning. This chapter explores options for handling Big Data in SMEs. It presents a framework that considers not just the volume of data, but the variety of types of data, the velocity in which data is created and transmitted, the importance of data veracity, and its value in transforming small and medium-sized enterprises. SMEs need to work with big data, and doing so will impact their business models and require them transform themselves. Their transformation will be ongoing because all indicators show that the volume of data is rising and will continue to do so simply because of the trends related to customer interaction.
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