The BFSI SMEs in the banking, financial services, and insurance sector are increasingly adopting big data analytics to improve their decision-making processes and risk management strategies.
According to recent findings, 37% of SMEs in this sector are early adopters of big data analytics, which helps them identify risks and make informed decisions.
Regulatory compliance is a significant driver behind this trend, as strict regulations require secure and compliant data management systems.
Cloud-based solutions have emerged as a crucial component in this transformation, offering robust security features that enable BFSI SMEs to focus on risk management and compliance.
These technologies facilitate the secure processing, storage, and analysis of large datasets while adhering to regulatory mandates and protecting sensitive information.
Additionally, cloud technologies provide smaller enterprises with the agility needed to adapt to market changes while optimizing costs.
Notably, 42% of BFSI SMEs prioritize cloud investments to maximize returns and enhance financial prudence, highlighting the synergy between big data analytics and cloud platforms.
In the healthcare sector, SMEs face challenges in adopting AI and big data.
Network connectivity issues affect the performance of cloud-based applications and data analytics tools for 45% of healthcare SMEs.
Cost management is a struggle for 35% of SMEs, hindering the integration of modern technologies.
Data security concerns affect 34% of SMEs, emphasizing the need for robust security measures to protect sensitive healthcare information.
Data silos limit the potential for comprehensive analysis, and SMEs should invest in integrated data management platforms and adopt interoperable systems to combat this issue.
Legacy systems also pose challenges, as many healthcare SMEs rely on outdated technology incompatible with modern data analytics.
Transitioning to scalable, cloud-based solutions can provide the necessary flexibility.
Moreover, a shortage of skilled cloud professionals, reported by 33% of SMEs, drives up costs and intensifies competition for talent.
Investing in internal training and collaborating with educational institutions can help bridge this skills gap.
Cloud technology is revolutionizing the implementation of AI and machine learning (ML) across various sectors, particularly for SMEs.
By providing scalable infrastructure, cost-efficiency, and accessibility, cloud solutions enable SMEs to leverage AI and ML tools without extensive in-house resources.
This is especially beneficial in industries such as retail, healthcare, and BFSI, where businesses can integrate data-driven insights into their operations to enhance decision-making, automate processes, and personalize customer experiences.
Cost savings and improved security and compliance are among the primary triggers for cloud adoption, showcasing the value that cloud technology brings to AI-driven innovation.
Looking ahead, trends such as increasing demand for real-time data processing, the rise of AI in enhancing customer experiences, and the growing use of predictive analytics for strategic decision-making will shape the future of AI and big data adoption.
Additionally, there is a notable shift toward AI-powered automation across various business functions as SMEs strive to remain competitive.
Tata Tele Business Services (TTBS) supports SMEs in their journey toward adopting AI and ML technologies.
By offering advanced cloud and connectivity solutions, TTBS enables businesses to meet the data-intensive demands of AI and ML applications.
Solutions like SD-WAN iFLX provide secure, high-performance, and flexible network connectivity, essential for leveraging AI-driven insights and automating processes.
TTBS also offers EZ Cloud Connect, which provides seamless, direct access to major cloud platforms tailored to the unique needs of SMEs.
This service ensures uninterrupted and secure connectivity while reducing latency for real-time data processing and other AI applications.
By simplifying cloud connectivity and eliminating complex configurations, EZ Cloud Connect empowers SMEs to efficiently access, process, and manage their data.
TTBS emphasizes scalability, robust data security, and compliance—key factors for SMEs looking to adopt AI and big data solutions.
The Smartflo UcaaS, an advanced cloud communication suite, incorporates multi-factor authentication, data encryption, and comprehensive access management to protect sensitive business information.
These features are vital for SMEs that must comply with industry regulations while maximizing operational flexibility and efficiency.
TTBS is committed to democratizing digital technology and helping SMEs streamline operations, drive revenue growth, and innovate in an increasingly data-driven world.