For small and medium-sized businesses (SMEs), data analytics is an essential tool for enhancing competitiveness, operational effectiveness, and decision-making. SMEs may use data to make well-informed choices despite obstacles including few resources, smaller workforces, and financial limitations. Customer behavior analysis, supply chain optimization, marketing strategy improvement, and product offering enhancement are all possible with data analytics. However, SMEs often encounter obstacles such restricted access to high-quality data, a shortage of qualified staff, the high expense of sophisticated analytics tools, ignorance about data-driven decision-making, and cultural reluctance to change. The external environment, organizational preparedness, and technological aspects all affect how SMEs use data analytics. Although hurdles have been removed by cloud-based solutions, AI, and machine learning applications, they often encounter challenges when attempting to integrate these technologies with current business processes. With 63% reporting notable increases in operational efficiency and 50% reporting higher revenue, data analytics has a substantial influence on SME performance. Many SMEs, nonetheless, are still not making the most of data analytics across the board.
SMEs, Data Analytics, Supply Chain Optimization, Customer Behavior Analysis, AI.
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