How can small business benefit from big data?

How can small business benefit from big data?

Not many people are familiar with the term "big data." Big data affects everyone and what's surprising is the fact that there is no education or training on its importance. In layman's terms, the phrase big data is used to refer to large and complex sets of data that can be computationally analysed to reveal trends and patterns. So, many people are not aware of the concept of big data, how it is used, or even what it is. Just to give a few examples, big data is collected on your supermarket loyalty card as you shop, on your social media account, and on your smartphone.

Uses of Big Data

Data collected from your supermarket loyalty card can be used by these stores to identify trends and to create personalized offers and deals providing benefits to both the organization and its customers. Data collected online from people's' social media accounts can be anonymised and used to improve users' experience online and many other good things. Data collected from satellites and smartphones can be used to determine the most popular routes in a city/town and help improve public transport. Local authorities can use big data to determine where social care is needed the most and improve the lives of local people.

Big Data for Your Small Business

While big businesses are the major beneficiaries of big data, small businesses can also take advantage of big data by analyzing both offline and online data to make critical data-driven decisions. As a small business, you can step up and utilize big data with the big boys, but you must know where to look. Usually, big firms have the resources at their disposal. They can hire data scientists and research firms to do the work for them. Some of the benefits a small business can reap from the use of big data include:

Gain Loyalty and Increase Sales

Our preferences vis-à-vis online shopping can be used by businesses to provide tailored products and services. We leave a lot of digital footprints online as we search for the products we are interested in. Businesses can take advantage of this information to provide personalized services to their customers. This can help increase customer loyalty, retention rates, and boost sales.

Focus On Local Preferences

As a small business, you should be focussed on providing high-quality products and services locally before you widen your scope. Big data helps you zoom into the needs of the local people and effectively satisfy their requirements.

Use Big Data to Improve Your Pricing

The use of big data and its intelligence can give you a clear picture of where your business stands financially and help you make good pricing decisions. Consider getting your big data analytics with a program similar to Hadoop tableau — this is a combination of two separate tools (Hadoop and Tableau) that helps businesses to extract, store and report unstructured data. Hadoop does the extracting and storing while tableau displays the data in the form of straight tables, graphs, and charts for easier reporting. Make use of this data to improve your services.

Increase Efficiency with Big Data

Big data comes with a lot of useful tools such as social media, Google earth, and Google maps. You can use these tools to perform tasks more efficiently.

The best part about big data is that it is used in a completely anonymous mode and impossible to create a link between the data itself and the person it came from, so you don't need to have any privacy concerns. There are so many ways businesses can use big data to enhance their services and boost the economy. The uses and advantages of big data to businesses and the society, in general, will continue to increase as technology grows and big data continues to expand.

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