Big data – a today’s buzz word. Everyday we are faced with tonnes of digital information generated by people all around the world. This big data is generated through emails, blogs, social media posts, cell phone usage, online credit card purchases and much more. IBM experts report that 2.5 quintillion bytes of data are generated daily. 90% of the total existing data has been created within the last two years!
Many large businesses have already invested in big data technologies. And you as a small business can’t ignore it any longer. Stop being scared off by big data. Take it into consideration and learn how to use big data for the success of your small business.
What Big Data can do for your business?
Today big data is no longer the exclusive domain of statisticians and large corporations. Big data technologies can offer you market insights, improved decision-making ability and significantly better bottom-line results.
Big data can boost your business efficiency and sales. It can also improve pricing and just-in-time supply chains. Big data can even help you find cheaper suppliers that will be closer to your location.
With the help of big data, you can tailor products and services to individual customers. It brings back personalized services by providing you greater insight into customer preferences. Quickly, cost-efficiently and without even talking to your customers! How is it possible? Simply because your customers leave digital footprints while using Internet, credit cards or social media accounts. As a result of efficient usage of big data you can identify your key customers, understand their needs and treat them much better, and in return you get more loyal customers and higher sales.
Big Data tools
Good news for you – big data technologies become accessible even for small businesses, thanks to new cost-effective big data technologies. And it is not only so well-known Google Analytics and Google AdWords, but many other free or low-priced technologies that will do a great job for a wide range of small businesses. Even Facebook, Twitter and LinkedIn are ready sources of customer data.
But before choosing, investing and implementing any of the big data technologies, you should take stock of your existing data and your business goals. The idea is to connect data together so that it produces timely and actionable insights.
Steps to turn Big Data into action:
1. Decide what you want to achieve, then configure your data to produce just those insights.
2. Start with the best data immediately available, “small data”, then layer on additional data sets.
3. Produce insights with speed, focus on quick decisions and execution.
4. Make sure that insights drive action.
Experts predict that even though big data technologies may not seem appealing for businesses with limited budgets, it is still better to invest in analytics now before their big data grow to unmanageable proportions.
Believe it or not, if your company has been operating for a year or more, you likely have a ton of “Big Data” sitting in your company records. If you’ve been keeping track of your sales in a ledger of some sort (excel, QuickBooks, etc.), then you have an excellent set of sales statistics to cross-reference with other information in your tool chest.
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Now you’ve known the importance of maintaining big data. WHAT NOW? When you enter the bigger arena, are you happy showcasing your company the way it is now? Your company needs the professional touch up.
No matter what type of personal brand, business or organization you are running, having a great first impression means everything. One of the best ways to deliver a lasting impression is through the use of a high-quality logo and professional images and designs throughout all of your products and branding.
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