Big Data's Role in Mitigating COVID-19 Effects on Micro, Small, and Medium Enterprises
Overview
This paper examines how big data has assisted micro, small, and medium enterprises (MSMEs) in mitigating the adverse effects of the COVID-19 pandemic. The author argues that big data plays a crucial role through data collection, analysis, and predictive capabilities, particularly in supply chain management, business operations, and marketing analytics, while citing evidence of MSME performance decline and government policy responses in the Philippines.
What this essay covers
- Introduction defining big data and its relevance to COVID-19 pandemic impacts on MSMEs
- Analysis of big data applications in data collection, comparison, analysis and marketing analytics for decision-making
- Evidence from surveys showing MSME performance decline and government policy interventions based on big data evaluations
Preview
Big Data
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Big Data
Big data refers to large data sets used in revealing particular trends or patterns (What Is Big Data?, 2016). Covid-19 has had adverse effects on micro, small and medium enterprises (MSMEs) especially supply chains, business operations, and general cash flows (Mehrotra et al., 2020). Big data has mitigated these effects through data collection, comparison, and analysis and predictions. Another key role big data has assisted on micro, small, and medium enterprises is developing marketing analytics to enhance decision-making during the pandemic period. In a nationwide survey, it was revealed that there was an impending decline of MSMEs performance from 5.1% in 2019 to -0.4% in 2020 (Shinozaki & Rao, 2021). Another big data survey conducted by the Asian Development Bank on the performance of MSMEs revealed that the country's GDP would shrink by 8.5% in 2020, with an expected recovery to 6.5% in 2021 (Mehrotra et al., 2020). Through these big data evaluations, the Philippine government initiated expansionary monetary and fiscal policies to shield MSMEs from the negative effects of the covid-19 pandemic.
References
Mehrotra, A., Cepe, L., Srivastava, M., Narain, N., & Mishra, S. (2020). Impact of COVID-19 pandemic on micro, small, and medium enterprises (MSMEs). The Philippines Report. MicroSave Consulting. https://www.findevgateway.org/slide-deck/2020/06/philippines-impact-covid-19-micro-small-and-medium-enterprises
Shinozaki, S., & Rao, L. N. (2021). COVID-19 Impact on micro, small, and medium-sized enterprises under the lockdown: Evidence from a rapid survey in the Philippines. https://www.adb.org/publications/covid-19-impact-msme-under-lockdown-evidence-rapid-survey-philippines
What Is Big Data?. (2016). [Video].