Big Data in Small Business: Data-driven Growth in Small and Medium Sized Enterprises
Together with my colleagues Carsten Lund Pedersen, Thomas Ritter, and Torsten Ringberg, I have completed an edited book on big data in small business.
The book considers the ways in which small and medium-sized enterprises (SMEs) can thrive in the age of big data. To address this central issue from multiple viewpoints, we introduce a collection of experiences, insights, and guidelines from a variety of expert researchers, each of whom provides a piece to solve this puzzle.
Contributions from our colleagues address the limitations faced by SMEs in their access to data and demonstrate that the key to overcoming this issue is to be aware of these limitations, to work within them, and to use them to think creatively about how to overcome obstacles in new ways. Our colleagues discuss artificial intelligence, revenue blueprinting, GDPR compliance, and other key topics related to the relationships between SMEs and data. Offering ideas to inspire big data–driven success by SMEs making smaller investments, the book argues that there must be a place for “ordinary” data-driven journeys that are available to firms of any size.
It is hoped that our book will be of interest to academics, researchers, and practitioners in areas such as strategic management, organizational and innovation studies, marketing, and sales. The ideas and information in this book will help fill knowledge gaps related to important aspects of capabilities, functions, and transformations of big data that drive business growth.
Thanks to all our colleagues who contributed to the book!
“I have often seen how data is given too little attention when companies undertake digitalization efforts. That is a shame, since access to high quality data is like having a superpower, and this superpower is accessible to any business that is willing to do the work. Good to see a book that focuses on the opportunities for small and medium sized businesses!”
–Pernille Erenbjerg, Chairman of the Board at Nordic Entertainment Group, Vice Chairman of the Board at Genmab and Millicom, and board Member at Nordic Connectivity, Denmark
“The importance of big data competence cannot be overstated, and should not be out of the reach of smaller firms. Small and medium sized enterprises should be able to increase their success by building big data capabilities and creating data-driven growth. This book shows how smaller firms have developed big data competence and digitization capability, implemented artificial intelligence techniques, and identified customer growth potential through customer insight analysis. The authors provide realistic guidance for implementation using real-life successful examples. In sum, this book provides a roadmap to small and medium size enterprises that wish to facilitate their adoption of big data capabilities and become fully digitally enabled.”
–Professor C. Anthony Di Benedetto, Fox School of Business, Temple University, Philadelphia, PA, USA
“I congratulate the authors for focusing on how small- and medium-sized businesses can make the most of big data based small investments and fast experimentation for quick wins. Agility is key, and this excellent book exactly shows how SMEs can move fast – to win fast – in the data space.”
–Wolfgang Ulaga, Senior Affiliate Professor of Marketing at INSEAD & Director of the Marketing & Sales Excellence Initiative (MSEI), France
“Through my active involvement in SMEs, I see the struggles and the successes of SMEs’ data utilization journeys. I very much hope that this book will inspire many executives on how to successfully engage in data-driven business development”.
–Jan Damsgaard, Professor of Digitalization, Copenhagen Business School and Board member at SME: Board and at IoT, Denmark and National Digital Expert Advisor, Denmark
“This is a very timely book. SMEs with limited resources have to understand the power of Big Data and ensure that they are not left behind by the large platforms. This book is insightful and rigorous. It features multiple perspectives and guidelines provided by a group of excellent experts. It’s a very valuable guide for practitioners and a great teaching resource for faculty and students.”
Markus Reihlen, Former Vice President, Professor of Strategic Management,
and principle investigator of the Digital Entrepreneurship Project, Leuphana University of Lüneburg, Germany
“Creating actual digital innovation roadmaps for SMEs based on big data beyond the hype of the words is of great value. I welcome this contribution to increasing competitiveness for SMEs through data, digital competencies and innovative solutions that increase companies’ insight into customers' needs and challenges.”
Per B. Brockhoff, Professor, Head of Department, M.Sc., Ph.D, R, Technical University of Denmark.