Analyzing Big Data to Make Small Companies Big

Unlike, the notion prevailing, Big Data isn’t just for big businesses with bigger budgets. Small businesses, these days, too can reap the benefits of the gigantic amounts of online and offline information to make wise, data-driven decisions to grow their businesses.

Essentially, big data is all about opportunity – the opportunity to use your company’s data in order to make smarter decisions using business intelligence. And if large enterprises are taking advantage of the opportunity, entrepreneurs, startups, and small businesses can also do the same.

The good news is that it’s possible to analyze large information sets to boost product quality, improve marketing and further customer relationships – all without a huge price tag. It is not about the size of a company or the budget it can invest, but the game-changing factor is the big data and how you analyze it. No matter if small businesses feel that the ability to leverage Big Data is simply far from their reach, the truth is that Big Data solutions have become much more affordable in recent years. Analyzing Big data solutions for small businesses allow them to choose the capabilities they need and leverage the solutions and systems already in place. All they need are appropriate tools, clear intentions, and the right targets.

3 Features small businesses should seek while analyzing big-data solutions:

It should give flexibility and choice A good solution should be complete in terms of having everything a customer might need in one pre-integrated module. Also, big-data solutions for small businesses should be easy to deploy. The ability to implement quick changes is vital. When a trend is emerging, even small businesses are capable of making quick changes and leverage, rather than sitting back and letting big names eat the pi. It should be simple and save time The system should not require staffers to undergo a lot of training rather it should have self-service capabilities to a broader audience of analysts and business users can use it without the need for the IT department to be involved. It should save cost Quite simply, the first hurdle for small businesses is the costs of big data. Software and tools have high up-front costs as well as operational costs. A big-data solution for small businesses must be priced right. The data solutions don’t need overpriced tools or a team of analysts in order to find practical results. They just need structured, intelligent plans and strategies to find the right IT solution, one adhering to the specific needs of the small business, can help make it practical and affordable to benefit from the opportunity big data presents. After analyzing the big data solutions, it is time for a small business to leverage the solutions to get major advantages like: Get Overall Customer View - Data gathered about customers can help provide a bigger picture like who each customer is and what drives him to choose certain products or services. From this data, small businesses can create a personalized customer experience, by tracking the full journey of a person from the moment he first made aware of a product to the moment he chooses to buy it and so on. Reduce Customer Churn - Big data can calculate how much value a customer brings to a specific business over the course of a lifetime. It can also pinpoint the precise moment when customers choose against any particular product, service, or brand. From there, small businesses can improve their sales tactics, products, and customer interactions to prevent customers from leaving. Measure Sentiment Analysis - Big Data can be leveraged to understand customers through social media analytics. People share and express their feelings over social media networks, and small businesses can capture data with sentiment analysis to determine the taste and preferences of customers. From there, they can capitalize on trends and better market their products to a specific segment. Improve Internal Operations - Along with reaching out to customers, small businesses can use Big Data to improve their organizations internally. This can be done by more efficiently managing human resources or by streamlining research and production. Making employees more productive is also an important goal which can be achieved with the help of Big Data.

Conclusion

Today, businesses are using big data to enhance product quality, improve marketing operations and further customer relationships. Big data solutions can be used by small businesses to achieve valuable and impressive results. This newfound efficiency of businesses is the key to their sustainability. Small businesses can definitely bank on this fact and turn the tables on their competitors.