India’s Ministry of Micro, Small and Medium Enterprises published an annual report that shows the SME sector can take advantage of big data for the success of their business endeavors.
As the apex body of India for the administration and formulation of rules and regulations relating to SMEs, MSME released their report, revealing that the SME sector contributes to roughly six percent of India’s gross domestic product. This GDP is a monetary measure of the market value of all final goods and services produced in a period, whether quarterly or yearly.
The MSME Annual Report also showed that the SME sector employs about 80.5 million people, 45 percent of whom engages in business in the export sector while 33 percent belongs to the manufacturing sector. The report encourages that if the micro, small, and medium enterprises will employ analytics or big data, it will pave the way for their businesses to move forward. It will also result in financial liquidity in India’s economy and may bring the country to become the global giant that it hopes it would be.
The annual report highlights that in today's connected world, there are thousands of sensors in various applications that repeatedly generate streams of data to be used for evaluation and scrutiny. Analytics can then provide SMEs with actionable insights, said the report. Aside from that, it can also help business owners and management in creating more informed decisions.