Application of Big Data in Small Businesses – A Few Rudiments to Know

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Many think that big data is too big for small businesses, but in reality, it is not the case. Big data is not a standalone technology but a customized set of tools and procedures which can reveal the market trends, draw out patterns, understand customer preferences, and give other meaningful insights to the business decision-makers. With big data, even small businesses can make smarter decisions to get ahead in the tight competition and increase profitability.

There are many big data tools and solutions available now, which can help small businesses, explore the same in a limited budget and a small workforce to manage the data comfortably. Such tools can be used to track and analyze the behavior of customers and users both online and offline. Some other tools are focused on mining customer data as call dates to gain insights into the trends. You can also analyze common customer complaints, caller demographics, user behavior, etc., on a particular product using big data analytics. The most reassuring thing about big data is that it does not require any higher-level technical knowledge or expertise to handle the same.

How can big data benefit small businesses?

Businesses of any size should not overlook the value and importance of big data. In real-time applications, big data can helpreduce the overall cost of business management and make complicated tasks easier. It can also help increase revenue and sales. Big data is very effective in making real-time pricing decisions and offering a competitive market advantage to small businesses. The Big data acts as a logical assistant to business decision-makers when it comes to timely and right business decisions.

Big data to reduce cost

As we know, efficiency is the primary need to reduce costs for any small business.First, big data can help get information that is mostly needed to pinpoint any bottlenecks or inefficiencies in the sales and operations processes. Once you know where the bottleneck is and what causes it, the remedy becomes easier and instant. RemoteDBA.com

In a real-time example, a proper big data analysis of the customer behavior in a store may reveal that they do not have any interest in ordering gift wrapping during the checkout of products. With this understanding, a small business can instantly remove the same from their custom offerings, which may further help to have huge savings in inventory and operational costs. In another classic real-time scenario, big data analysis of the historical date over the last couple of years about your seasonal sale for a particular event may be able to give you a perfect insight as to what inventories to maintain for the same season this year. This will help increase sales and revenue and cut down the cost and overhead in unwanted areas.

Big data to increase revenue and sales

Bit data can help businesses gain true and data-centered insights into the shopping preferences and beliefs of various customer types. With this data and data-driven information handy, enterprises can better understand how to tailor-fit their services and products to provide customers with what they need to bring in more sales and revenue.

Big data to help optimize the product pricing

The way small businesses price their products and services may greatly impact whether or not they will ultimately be successful.Big data tools will help assess the business finances and help to figure out how the organization’s pricing compares to that of the competitors. Using this data, small businesses will be able to determine if they may be able to raise or lower the pricing to make it in line with that of the competitors.

Big data offering a new opportunity to small businesses

Big data offers new opportunities for small to medium-sized businesses to focus on the preferences of local customers properly. The data gained through big data tools will help you zoom into the local market and gain a better insight into the customers’ behavior. With this, small businesses understand how the customers act and what their likes and dislikes are. They will be able to take a more personal approach to engage the customers and gain competitive advantages. Big data tools will be able to sort through the digital activities of various types of customers by eliminating the manual work required for small businesses.

Big data to increase the efficiency of decision making

As big data have now joined hands with social media to gain better insights through social media mining. Data now flow in through various social platforms like Twitter, Facebook, Instagram, LinkedIn, etc. Data mining on social media refers to gaining actionable insights from the timely data from social channels where the potential users spend most of their time. By analyzing this data, small businesses can draw specific conclusions about the interests reactions; and buying behaviors of the customers and current market trends. These conclusions derived from social media will help create more targeted market campaigns for various segments. Data tools and processes will help small businesses to mine social media platforms. These tools will also eliminate the cost and time involved in manually exploring social media channels for strategic business decision-making.

Analytics for small businesses

When it comes to big data analytics this is a key process that helps businesses examine; huge volumes of various data sets from different sources; and gain actionable insights to make informed decisions; big data analytics will help evaluate customer loyalty and retention rate, etc. Information on various data points will uncover the buying behavior of the customers; which will help you maintain the current clientele and increase the scope of reaching more. Not all customers are created equal; and some of them may not be worth the money and time you invest in them. This metric will help you better plan the customer acquisition strategies and identify whether they are worth it.

So, similar to how it serves the big corporates, big data offers the same advantages to small businesses. The key to success is identifying the right approaches; and tools for big data administration for small businesses to leverage the same for your benefit.

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