Published on April 5th, 2017 | by Guest0
5 Ways Big Data Impacts Small Business
There are numerous ways that smaller businesses and newer startups may benefit from big data. Lacking insight into their day to day workflow processes, efforts or their customer base could place businesses at a greater disadvantage than they might realize. The following five examples each serve to highlight some of the most common and significant ways in which big data may be of benefit to smaller organizations.
One: Analyzing Existing Processes and Past Trends With Greater Ease
For businesses that lack the right insight, just possessing a firm understanding of their current situation can be a tall order. Big data can provide businesses with the detailed information, metrics and analytical tools that may be needed in order to better assess past efforts or to more fully understand previous situations and issues. Periodic audits, assessments and in-depth analysis efforts can all be accomplished with greater ease and effectiveness by those who have access to the right information.
Two: Social Media Marketing Opportunities
Relying on outdated or conventional marketing techniques could be a costly misstep. By some estimates, almost half of small businesses rely on social media marketing in order to build and maintain their customer or client base. Big data is essential for sorting through customer information, being able to market to specific types of customers or demographics and ensuring that advertising efforts are able to be as effective as possible. Big data is an integral part of ensuring that social media marketing efforts or campaigns are able to provide the superior results that businesses need.
Three: Understanding Current and Future Market Trends
Market trends can be unpredictable and businesses that may lack insight into changes that may be just around the corner could find themselves faced with no end of potential problems and issues. Data analysis is a very effective way to outline current market trends, project future changes and ensure that businesses are able to better prepare themselves for the challenges that tomorrow will hold. In today’s increasingly competitive marketplace, failing to identify an emerging trend or to spot changes in the needs and habits of their customers could end bring nothing short of a disaster for new businesses, startups and smaller organizations.
Four: Tracking the Outcome of Business Decisions
From screen scraping tools to more detailed customer and account information, there are several tools and big data resources that may be used in order to more accurately track and record the outcome of previous decisions and past efforts. Judging the effectiveness of past policy changes, expansion efforts and even marketing techniques can be all but impossible for those who lack a more detailed understanding of the consequences and impact of their past actions. Big data can play an essential role in ensuring that smaller businesses are able to optimize productivity, efficiency and cash flow.
Five: Improving Products and Services
Learning how to make the most of big data services and insights can ensure that smaller operations are able to more easily benefit from quality improvement efforts. Poor quality products, inconsistent service and other issues that may jeopardize customer satisfaction may do lasting harm to a business. Access to the right data can benefit almost every aspect of quality control and improvement efforts.
Finding the Right Data and Information Services
From digital applications to third-party services, there are plenty of resources available for businesses that know where to look. Finding and selecting the best tools can be a more challenging undertaking for those who have only a limited understanding of their options or who fail to assess their current situation and needs. Taking stock of all operational processes that may benefit from more in-depth analysis and making an effort to compare all available tools and resources can help to ensure small businesses are able to find big data solutions that will be better suited to both their current and future needs and circumstances.