Leveraging Big Data for Sme Growth and Competitiveness: A Literature Review

In the rapidly evolving digital landscape, big data has emerged as a transformative force, reshaping businesses’ operational and strategic paradigms worldwide. This review delves into the profound implications of big data for Small and Medium Enterprises (SMEs), a sector often overshadowed by larger counterparts yet pivotal to global economic growth. This study aimed to elucidate the multifaceted relationship between SMEs and big data, exploring its historical context, economic ramifications, challenges, and the technological advancements propelling its integration. Through a systematic literature review approach, the research methodically sifted through myriad studies, gleaning insights and trends pertinent to SMEs. The results underscored the monumental potential of big data in enhancing SME competitiveness, fostering precision marketing, and streamlining operations. However, the journey is interspersed with challenges, from infrastructural inadequacies to talent deficits. Recommendations advocate for balanced big data investments, collaborative frameworks with data vendors, and an unwavering focus on data privacy and security. In conclusion, as SMEs stand at the crossroads of a digital revolution, embracing big data emerges as the linchpin for sustainable growth and innovation in the digital age.