How is Big Data Transforming Small Businesses?

Author Dragan Berak 6.3.2018. | 09:51

By this time, most of us would be familiar with the term ‘big data.’ About 2.5 exabytes (1 billion gigabytes) of data are created every day. However, big data is much more than size. The data set size does matter but deriving value from that data is more important. You are using big data if you are analyzing the large data set that is ever-changing, fast moving, and incorporates unstructured data. Hence, big data is is of use to you when you analyze it and derive value from it.

Big data uses

Ten years back, small businesses used SEO, email, or direct mail for marketing purposes. Five years back, they used social media platforms and created a successful online presence for marketing. So, what are they using now? By analyzing what these businesses used earlier, it is evident that the way businesses operate has been evolving with advancements in technology.

Customer experience is of high priority for today’s businesses when compared with price and product. So, in this digital age, you must deliver the right message at the right time to your customers through the right channel. For tracking the customers’ online journey and determining their preferences, data is a highly essential element. It is mandatory to gather data related to a customer’s online journey and derive value from it in order to determine his/her preferences. This is how big data plays a crucial role in today’s businesses.

When it comes to small business, despite the increment is utilization of software resources, they are not leveraging the use of data. They are only in the early stages of digital transformation and reaping benefits from data.

Few of the suggestions for small businesses for getting started with leveraging data include signing up for Google Analytics, exploiting the CRM software, checking out SumAll, reviewing Facebook Insights, looking at government data, hiring a professional and so on. Google analytics provides insights on your website data and is a very useful tool for website data analysis. Hiring a big data consultant is also a good option if you want to delve deeper into big data. Few small businesses can also get benefited from the information that is freely distributed by the federal government.

It is high time small businesses embrace big data and gain benefits from it failing which they may not be in a position to withstand the competition from their peers. So, let’s have a look at the major ways in which small businesses can get benefited from big data.

 

Be Ahead of the Game

Big data is not about just having a massive amount of information but it is more about acquiring quality information at the right time that is useful for your business. Big data is also about how to have the capability to predict future trends and being aware of the questions to ask for how to make your business better. Knowing more about our business helps in taking right decisions and in turn helps in the better performance of our business. You have to be ahead of the game to be successful in this day and age and big data helps you succeed.

 

Big data Empowers Machine Learning

Today, many industries are getting benefit from machine learning and big data is the driving force behind this technology. For instance, wellness and healthcare industries are utilizing machine learning algorithms to enhance medical imaging accuracy and processes and reduce drug discovery times. The organizations in marketing and advertising utilize big data for content-aware video advertising and intelligent email marketing.

 

Optimizing Business Processes and Operations

The use of big data in optimizing everyday operations and business processes is increasing day-by-day. With any business process that leads to the generation of data, you can utilize that data to generate efficiencies and make improvements. For industrial or manufacturing organizations, tools, vehicles and machines can be made ‘smart.’ This implies they can be data-enabled, connected and continuously reporting their status to each other. The companies can acquire real-time visibility into their daily operations and look forward to ways to enhance efficiency by analyzing this data.

Retail companies can optimize their stock keeping depending on predictions obtained from web search trends, social media data, and weather forecasts. This enables stores to stock the most popular items for future availability, making sure they do not miss out on sales and decrease the quantity of unwanted stock.

Transforming HR Domain

Data can help you better engage present employees, determine the ideal recruitment channels, and locate the most successful candidates. Many businesses already create a wealth of data related to HR: staff satisfaction data, personal development reviews, productivity data, and absenteeism figures. Also, organizations can access much more data than before: information from sensors in ID badges, data from recruitment sites, social media data, and so on. All this information can be utilized to acquire insights that were never obtained before.

Wrap Up

Every business, be it big or small, needs a clear data strategy to generate a competitive advantage. As the technology further evolves, data will turn out be an extremely essential asset for every organization. Every small business owner must understand that data is not only for large businesses. If a business can enhance the way it looks at its metrics, it will be able to make much better decisions. It can avoid taking actions which result in the wastage of both time and money. Hence, a small business that makes better use of its data will see a positive impact on its operations and revenue.


This guest post was written by
Savaram
Ravindra, he was born and raised in Hyderabad, popularly known as the ‘City of Pearls’. He is presently working as a Content Contributor at Tekslate.com. His previous professional experience includes Programmer Analyst at Cognizant Technology Solutions. He holds a Masters degree in Nanotechnology from VIT University. He can be contacted at savaramravindra4@gmail.com. Connect with him also on LinkedIn and Twitter

 

Author Dragan Berak 6.3.2018. | 09:51
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