By the sound of it, “big data” seems to be an intimidating term but it simply means the information your company has gathered, processed, and owned through systems and technologies that allows consolidation of important details your business may need. It also helps analyze business patterns and understand work functions within the company that are vital for its progress.
Huge organizations, from business corporations to government institutions, have taken advantage of Big Data. An article at Small Biz Trends talks about this in detail, reporting that 2.5 quintillion bytes of data are generated daily, with 90% of the total existing data to date was created within the last two years.
Given this amount of data, what’s in it for small businesses? Here are 5 ways small businesses can benefit from big data:
- Big Data provides effective collection of necessary information from customer details such as identification and preferences to employee management and performance. It assures greater access, accuracy, and organization of the data required by your company.
- Big Data personalizes your customer service approach. It easily retrieves customer feedback, like comments on the product they purchased or a service gripe, which lets your company immediately take action and respond to every one of them accordingly.
- Big Data enhances your company’s decision-making. Its complex analytics can see through unnoticed business patterns and trends that are barely perceptible via traditional methods. Hence, allowing your company to analyze the workflow efficiently and lead you to better conclusions.
- Big Data improves your business in terms of competition and sales. The real-time data that it provides will grant you better strategies on how you can boost your company offers and process orders faster among others and helps innovate your products and work processes that are competitive with other businesses within the same niche.
- Big Data gives companies a cost-effective option. Instead of hiring data analysts in your staff that cuts a big percentage from your company budget, you may gain the same service from Big Data partners and technologies like Social Mention, Google AdWords, and QuickBooks Online. These can offer free to low-cost assistance on specific features your company needs, such as social media, accounting, data applications and more.
The smaller companies can now become big players in their industry niches. By utilizing Big Data, maximizing business potential through advanced understanding of their target markets and improved customer service is now within reach.