Changing The Face Of Small Businesses
Through data analytics, the face of small businesses is evolving. Businesses today can achieve customer satisfaction, giving them what they want, a unique experience. Analytics is encouraging many companies to develop new products and services to meet customer needs.
In today’s competitive world, you have two choices. Either to use data analytics to better understand customers & maximize profits. Or, ignore the importance of retail data & run the risk of becoming obsolete. SMEs are key to strengthening productivity, delivering more inclusive growth & adapting to mega trends. Fostering analytics in established SMEs can enhance aggregate productivity & narrow wage gaps. Small and medium-sized firms (SMEs) are becoming central to the collective goal of increasing productive potential. Leading to the reduction of inequality & ensuring that the benefits from increased globalization & technological progress.
SMEs represent almost the totality of the business population. SMEs contribute to more than one third of GDP in emerging & developing economies. Some SMEs are at the productivity frontier and amongst the most innovative firms, jumpstarting entire new industries. These firms are enabled to exploit technological or commercial opportunities that have been neglected by larger companies. Start-ups are a key source of radical and disruptive innovations, especially in sectors such as software, nanotechnology, & biotechnology.