Big data has revolutionized the way small businesses operate. Cleverly termed “the information explosion” in the early years, big data has evolved into a unique concept that has helped small businesses increase profits, add value and improve customer satisfaction. Having a thorough understanding of big data’s importance and its impact on your operations helps you run a more effective business.
What is Big Data?
You may be asking yourself “what is big data and how can it help my business?” Simply put, big data is a significant collection of information that is analyzed to identify and monitor patterns, trends, and associations related to your everyday business transactions. Using and analyzing big data helps your business gain an “edge” in the market, attain increased success and make smarter, more informed decisions.
What are the Benefits of Big Data?
The benefits of using and analyzing big data are unlimited. Big data assists your business in a variety of ways. Three key advantages include:
Increased Targeted Marketing
Big data allows your company to see the “big picture.” It answers the “who, what, when, where and how” about your customers. You gather information that helps you understand and learn about different consumer trends in your business and the market. Analyzing your customers’ behaviors helps you to meet their needs more conclusively. For example, if you own an online shoe store, you may stock a larger variety of women’s running shoes if big data shows you this segment has had the most sales over the last month. Moreover, using big data allows you to identify needed changes and implement strategies based on customer information you have collected.
Dynamic Customer Service
After you have used big data to target your marketing efforts, you can improve the way you interact and serve your customers. Big data can help your small business create real value in the services it provides through gauging business performance, identifying costs savings and establishing better relationships. For example, if you operate a retail store, you may decide to extend you trading hours on a Thursday if big data reveals you make substantially more sales on that day. Improving customer service through analyzing big data helps your business to improve its reputation, retain customers and expand its customer base.
Big data is useful for problem-solving. Solving problems in your business early on helps you avoid costly mistakes and time wasting processes. For example, if your business manufactures various goods, you may decide to cease producing economically unviable products to improve your bottom line; big data provides you with the necessary information to help decide which products to drop. Big data shifts your mindset through an iterative process. It assists you to look at various aspects of a problem and identify areas for improvement that you may not have initially considered.
Looking-Forward for innovative analytics tools
Using big data provides your business with the tools you need for continued growth. The future of big data is changing for the better. You can use real-time data to make better decisions and analyze more information due to data evolution and access to more creative tools and analytics software. Big data provides innovative ways to increase value and revenue for your small business.
Big data has become an integral part of optimally managing a small business; it continues to evolve as companies seek information that provides them with a competitive advantage. Your small business is likely to benefit from making more informed decision by embracing and understanding big data. Our company is offering a data analytics platform for your business intelligence needs. Find out more!