Data Science in SMEs

We always talk about the benefits we have when applying data analysis in the company, we know that data is a great tool to see strengths and weaknesses of the business, but what happens with SMEs that do not have that data.

We know that every business in doing its daily activities generates data, number of clients that it visits every day, the quantity demanded of its products per week, etc.

Data is generated every day, but if the SME does not have a way to capture that information, how could it handle that situation?

Today, thanks to technology there are many applications that support us to create better control and information management, that is, better forecast the demand of the product or service, control of inventories, measure effects of promotions, etc.

But despite these applications, there is still a great ignorance of being able to interpret data, the issue of data science is usually very new in the industry, large companies are barely adapting to this flow of information, so it is understandable that small and medium companies are still resistant to new technologies. Recall that most SMEs have very basic management problems and often develop without extensive knowledge of useful tools for the business.

The way in which we can address the improvement of SMEs is based on knowledge, generation of indicators, market research, industry indicators, studies on the impact of data in SMEs and consultants which are dedicated especially to the small and medium businesses.

Attending to the multitude of combinations of relationship between companies, the algorithms of machine learning help to identify, measure and understand the dependencies between companies through the analysis of all their movements. We can go even further and establish cause — effect relationships between companies that do not relate directly but through other intermediate companies.

The way to help small and medium-sized companies is to support companies to successfully develop strategies, processes and customer-oriented actions, thanks to the combination of data science and machine learning technologies, and sectoral specialization. We generate business results that allow us to develop the value of our client portfolio, improve our competitive position and anticipate changes in each sector.

Data Science in SMEs was originally published in High Data Stories on Medium, where people are continuing the conversation by highlighting and responding to this story.

Source: Deep Learning on Medium