Data-Mining Opportunities for Small and Medium Enterprises with Official Statistics in the UK

• Main Author: Coleman Shirley Y.
• Format: Article
• Language: English
• Published: Sciendo 2016-12-01
• Series: Journal of Official Statistics
• Subjects: entrepreneurs; company data; open data; analytics; impact
• Online Access: https://doi.org/10.1515/jos-2016-0044

There is a growing interest in data amongst small and medium enterprises (SMEs). This article looks at ways in which SMEs can combine their internal company data with open data, such as official statistics, and thereby enhance their business opportunities. Case studies are given as illustrations of the statistical and data-mining methods involved in such integrated data analytics. The article considers the barriers that prevent more SMEs from benefitting in this field and appraises some of the initiatives that are aimed at helping to overcome them. The discussion emphasizes the importance of bringing people together from the business, IT, and statistical worlds and suggests ways for statisticians to make a greater impact.