{"id":12666,"date":"2024-01-23T07:00:00","date_gmt":"2024-01-23T15:00:00","guid":{"rendered":"https:\/\/formtek.com\/blog\/?p=12666"},"modified":"2023-11-02T17:54:35","modified_gmt":"2023-11-03T01:54:35","slug":"data-strategy-for-small-and-medium-sized-companies-how-to-compete-with-the-big-players","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/data-strategy-for-small-and-medium-sized-companies-how-to-compete-with-the-big-players\/","title":{"rendered":"Data Strategy for Small and Medium-Sized Companies: How to Compete with the Big Players?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Data is the new oil, and every company, big or small, needs to leverage it to gain insights, improve performance, and create value. However, data management can be a daunting task for small and medium-sized enterprises (SMEs), which often lack the resources, skills, and infrastructure to handle large and complex data sets. How can SMEs overcome these challenges and develop a data strategy that suits their needs and goals?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/hbr.org\/2021\/08\/where-digital-transformations-go-wrong-in-small-and-midsize-companies\" data-type=\"link\" data-id=\"https:\/\/hbr.org\/2021\/08\/where-digital-transformations-go-wrong-in-small-and-midsize-companies\">One possible solution is to use cloud-based data services<\/a>, such as those offered by AWS and Azure. Large cloud vendors offer a range of data solutions that can help SMEs store, process, analyze, and visualize data in a secure, scalable, and cost-effective way. Some of the benefits of using cloud data services, like those from AWS or Azure, include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>SMEs can access various types of data sources, such as relational databases, NoSQL databases, data warehouses, data lakes, streaming data, and machine learning models.<\/li>\n\n\n\n<li>SMEs can use tools and frameworks that are compatible with their existing skills and preferences, such as SQL, Python, R, Spark, TensorFlow, and SageMaker.<\/li>\n\n\n\n<li>SMEs can pay only for what they use, and scale up or down as needed, without worrying about hardware maintenance or software updates.<\/li>\n\n\n\n<li>SMEs can benefit from the security and compliance features of the cloud service, such as encryption, backup, auditing, and governance.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Using cloud-based data services is not the only aspect of a data strategy for SMEs. SMEs also need to consider other factors, such as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.3pillarglobal.com\/insights\/a-data-analytics-strategy-for-mid-sized-enterprises\/\" data-type=\"link\" data-id=\"https:\/\/www.3pillarglobal.com\/insights\/a-data-analytics-strategy-for-mid-sized-enterprises\/\">Defining clear business objectives and key performance indicators (KPIs) <\/a>that can be measured and improved by data.<\/li>\n\n\n\n<li><a href=\"https:\/\/bernardmarr.com\/how-can-small-businesses-use-big-data-here-are-6-practical-examples\/\" data-type=\"link\" data-id=\"https:\/\/bernardmarr.com\/how-can-small-businesses-use-big-data-here-are-6-practical-examples\/\">Establishing a data culture that fosters collaboration<\/a>, innovation, and learning from data across the organization.<\/li>\n\n\n\n<li><a href=\"https:\/\/link.springer.com\/article\/10.1007\/s41125-019-00042-z\" data-type=\"link\" data-id=\"https:\/\/link.springer.com\/article\/10.1007\/s41125-019-00042-z\">Implementing a data governance framework<\/a> that defines the roles, responsibilities, policies, and standards for managing data quality, security, privacy, and compliance.<\/li>\n\n\n\n<li><a href=\"https:\/\/bernardmarr.com\/how-can-small-businesses-use-big-data-here-are-6-practical-examples\/\" data-type=\"link\" data-id=\"https:\/\/bernardmarr.com\/how-can-small-businesses-use-big-data-here-are-6-practical-examples\/\">Developing a data platform that enables seamless integration<\/a>, storage, processing, and analysis of structured and unstructured data across different sources and locations.<\/li>\n\n\n\n<li>Empowering users with self-service tools that allow them to access, explore, visualize, and act on data without relying on IT or external vendors.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Data is a powerful asset that can help SMEs compete with larger players in the market. However, data management requires a strategic approach that aligns with the business goals and vision. 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However, data management can be a daunting task for small and medium-sized enterprises (SMEs), which often lack<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/formtek.com\/blog\/data-strategy-for-small-and-medium-sized-companies-how-to-compete-with-the-big-players\/\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,41],"tags":[],"class_list":["post-12666","post","type-post","status-publish","format-standard","hentry","category-cloud-computing","category-data-management"],"_links":{"self":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/12666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/comments?post=12666"}],"version-history":[{"count":1,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/12666\/revisions"}],"predecessor-version":[{"id":12667,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/posts\/12666\/revisions\/12667"}],"wp:attachment":[{"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/media?parent=12666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/categories?post=12666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/formtek.com\/blog\/wp-json\/wp\/v2\/tags?post=12666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}