The scope of Big Data has not been explored by many of us because of how complicated it seems. The concept grew in early 2000’s when Doug Laney the industry analyst gave a clear and in-depth definition of the term.
Big Data is the act of gathering and storing large amount of data for analysis. Organizations collect data from various sources like business transactions, social media and other resources. Big giants like Google, Facebook have unlimited access to it and are already utilizing it for their business expansion. But when we talk about small business they have no idea on how to use it and generate it. Does this mean Big Data is off limits? No! certainly not! Big Data is more appropriate for small business as they’re more alert and smart in understanding data driven results.
It’s just that sometimes our own delusions don’t let us see the larger picture. In this article, we will discuss few ways, in which small business can use big data.
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- Understanding your customer: –
Big Data helps small business to know why customers select a product? Why they buy? What makes them buy? How they like to shop? What they plan to buy? and what can motivate them to prefer a company over others? Using big data and customer feedback companies can interact with customers and improve their product or service.
2. Know the trend: –
Identifying and monitoring behavioral patterns help companies predict where things are heading to. They can now know how and why product demand will change. Until now trend analysis and prediction was all a guess work resulted by a gut feeling. But Big Data is changing it all, guesswork is being replaced by data analysis.
3. Looking out for competition: –
Earlier, understanding competition and competitor was all based on rumors, gossips or by keeping watch on rival’s website or shops. Some even went to the extent of pretending to be a customer to get information about competitor’s sales and service. But now one doesn’t have to leave place for all this information. Just by using Big Data technologies you can now be a step ahead of others.
4. Better Business Intelligence: –
Business intelligence is set of data tools used to analyze and generate business in a better way. Before the emergence of Big Data, business intelligence was restricted but now it goes hand in hand. Many companies are hiring business intelligence experts to help their companies advance to the next level.
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5. Target Oriented Marketing: –
Big Data’s impact on businesses can be seen with the creation of target oriented marketing. Businesses will no longer have to depend on guess work as big data analysis helps create accurate marketing strategies. Now, small businesses will be able to provide products as per customer requirement and need.
6. Active Customer Service: –
Big Data has turned customer service upside down. Now small businesses can know what their customers need is even before they express it. This kind of active service will categorize them on basis of superior customer service and will bring a revolution.
7. Products Based on Customer Requirement: –
Not only will Big Data improve customer service, it will also help to make customer responsive products. That is, products will be designed as per customer needs, something which was not possible earlier. Instead of waiting for customer to tell what to create, data analysis could be used to predict what customer wants.
8. Cost Reduction: –
Big Data is helpful in customer service, predicting what customer wants and most importantly in reducing business cost. With the use of Big Data technology, industries can now predict what will happen and can plan beforehand. Now they can know when to launch the product and how to produce.
Big Data will surely help small businesses to grow and flourish. It is something one should embrace to achieve more. Ignoring Big Data revolution can be a big blunder in the long run. Every small and medium-sized business should use Big Data analysis and develop strategy to identify the opportunities and risks that they might have to face in global data explosion.