There is a common misconception these days that, as big businesses make data-driven decisions only they use big data. But this is all not true, even small businesses can reap the benefits. Big data— a term that describes the collection, availability and processing of huge volumes of streaming data in real-time. A big data revolution has arrived with the growth of the wireless networks, smartphones, Internet, social media and other technology.
Many organizations who discuss on using big data usually can hire resources to do the work for them. But, if you being a small business know where to look, then you can finally step up to the plate and utilize big data, yourself.
- Information Transparency
Be it for any businesses, big data makes information readily available and accessible in real time. Businesses can accumulate information very quickly regarding customer behavior with various tools designed to capture user data. With this pool of valuable information, businesses can plan effective strategies to improve their prospects.
- Better Business Decisions
Every business can reap abundant benefits from analytics. Yes, this is where big data becomes useful. It not only allows businesses to track the consequences of their promotional strategies, but also equally understands what will work and what will not by improving their decisions for better results.
In the same way even small businesses can keep a tab on how the customers will perceive their brands. Accordingly, businesses can make precise predictions about their techniques and minimize risks simultaneously.
- Better Product and Service Development
Keeping big data handy, businesses can understand what’s the current requirement of their customers, to what extent they can meet these demands and if any changes required to improve their services.
Before the product gets marketed, big data enables companies to test their designs and locate flaws if any. It also aids in enhancement of maintenance, support etc. which are after-sales services.
- Provides a Competitive Advantage
Implementation of big data can provide a competitive advantage for you as a business to outperform your peers. It is an essential tool as it provides market insights of your competitors and help you understand the areas that you are lagging behind.
Once the information is extracted from big you can get an idea on what your competitors are doing differently, understand customers’ reaction on your new strategies and position yourself accordingly.
- Cost-Effective Revenue Generation
Big data opens the door to loads of business opportunities in a very cost-effective way. The data sources like social media interactions and sales data are available for businesses ARE readily available. There are other platforms too that can provide you the benefits in a cost-effective manner for instance Google Analytics— an effective tool to detect visitors’ behavior on your webpage, InsideSales— to increase the effectiveness of sales teams and 6Sense provides sales insights and account-based marketing within the business intelligence platform.
Based on these resources, you will be able to make perfect offers that can satisfy your consumers’ interest. In this way targeting specific clients can open up various revenue generation opportunities.
As per listed above pointers big data can benefit small businesses in many ways. Now it depends on you to how implement this data such that it will suit your business’s requirements. We at Tricon have a passion for discovering and communicating meaningful patterns in data. We are pioneer in providing world class solutions to our clients and help them in meeting challenges with Data Governance, Mobile and Big Data Analysis.