Meaning ● Datafication, in the realm of SMB growth, signifies the transformation of everyday business processes and activities into quantifiable data, primarily for enhanced decision-making and operational efficiency. It enables small and medium-sized businesses to leverage automation by converting traditionally non-digital aspects – such as customer interactions and supply chain dynamics – into data points that can be analyzed and acted upon. Embracing datafication empowers SMBs to streamline implementation strategies, focusing on data-driven insights to optimize resource allocation and market penetration. Considering the dynamic marketplace, successful datafication within SMBs requires strategic thinking and appropriate technological applications. Analyzing market data facilitates informed business strategies, allowing SMBs to foresee potential problems. ● Implementation of datafication usually consists of data storage systems, machine learning, AI and cloud services that reduce the effort and cost involved with data interpretation. ● Businesses can therefore make smarter, more informed choices.
