For small businesses, gathering and analyzing data is an action that has been far too costly, complex, and time consuming to merit a serious investment. According to AnalyticsWeek, data production will be 44 times greater in 2020 than it was in 2009.
With no strategy involving big data, small businesses have been missing out on valuable information about their customers, operations, and competitors that can lead to increased revenue and better market position.
In recent years, more low-cost, budget friendly solutions and a focus on smaller businesses have made big data a tool that can be used by any size business. In fact, small businesses have an advantage in the big data process, as they are more flexible to make changes based on trends in data, enjoy a much faster speed to market, and can foster closer relationships with customers.
For small businesses, big data can unlock insights in these 6 areas, which can lead to increased sales, customer loyalty, and improved operations.
- Spotting trends in your market
- The easiest way to be ahead of the curve is to know what’s coming next!
- Measuring factors like the time of year, weather, or the current and future economic state along with monitoring online interactions can bring an information flow to know how and why demand will change.
- Learning about your customers
- Big data unlocks crucial information about how your customers shop, including information about what they buy, what they’re in the market for but haven’t purchased, and what reasons they do or do not recommend your business.
- Customer feedback surveys, social media, and online forums can aid in finding this information, which can be utilized to transform the customer experience.
- Keeping up with the Joneses
- Monitoring what your competitors are doing well and where they are struggling can give your business an advantage in marketing and sales.
- Using online resources can generate information on the popularity of products and brands, while an analysis of social media can show how your competitor is performing at the customer level.
- Ensuring operational effectiveness
- Optimizing operations within your organization is an easy way to save money and time, while performing tasks at an improved rate.
- Any business process that generates data can be improved – from manufacturing machinery to retail stocking information and supply chain management.
- Finding the right employees
- Using big data to identify, attract, and hire the best employee for the job can improve your operations from the ground up.
- Big data can find the best method of recruiting employees, help better serve your current employees, and create more staff satisfaction, all of which will help your business succeed.
- Learning from the past
- Utilizing data from previous years can help identify long-term growth or regression and effectiveness in sales and marketing strategies.
- With more data being created everyday, a look to the past can provide a snapshot of where your business has performed well and where focus needs to be shifted.
Let Archetype SC guide you in your big data journey with our expert data scientists and award-winning security engineers. Archetype SC can help create and deploy the tools to allow your business to get the most from its data and maintain its security, privacy, and compliance.