What prevents you from using Big Data right now? Maybe you think leveraging this technology will be impossible due to budget constraints and lack of in-house technical expertise? Or maybe, you are afraid it will be an ineffective and meaningless contribution for small companies? Is Big Data for big business? Today, I want to expose all those stereotypes and bring your portion of arguments that will change your mind. Here are 10 reasons why you should consider jumping into Big Data bandwagon while having a small or medium business.
1. Big Data Will Handle Routine Tasks and Save Time
Lots of people know about Big data, but only a few understand its true meaning. Quite popular reckoning is Big Data is about data’s big volume (someone even believes it’s like a blockchain). However, the main criterion is not the data’s volume, but the level of the data structure.
Big data is not about ‘big data’, it’s about the method of its processing.
How the traditional method of Big Data analysis looks like and how it can save time for small business?
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Just imagine: you have a database of 50 piles of papers, each of them contains nearly 500 various documents like applications, CVs, reports and so on. Let’s suppose you have an interest exceptionally in the database’s applications — can you handle such an extensive search? Of course, you demand a lot of time to review all those 25 thousand papers. First, you will go through one pile and then discover a certain pattern: every third paper on average is an application. That’s why from the remaining 49 stacks, you simply take out every third paper. Of course, accuracy here is not very high, but it is certainly a faster way to find needed information. Big Data can do this automatically.
But this is not all, with Big Data, we could not only revise the first stack, but also take into account other parameters, such as the author of each paper, whether they are colored or black and white, the date of writing, and a bunch of less obvious things. For all these parameters, you can sort the paper in the remaining 49 stacks, thus achieving greater accuracy.
Just like that Big Data can significantly improve a small business through the rapid ability to collect, structure, analyze and apply the huge amounts of data that is actually coming from anywhere. Extremely high speeds of Big Data tools like Hadoop allow an organization to achieve results that would either be impossible in any other way or would have taken too long to be of any use.
2. Provide Valuable Customer Insights With Text Mining
Everyone says we live in an age of information, but I think it is not a precise statement. We live in the age of knowledge. Information, in fact, is nothing. Just to know that you have 57% of loyal customers is not enough. We must receive knowledge from information. We gain knowledge by hypothesis, by testing it. And for this purpose, Big Data will be able to do even more than just good assistance and hypothesis making, since there is a text mining.
What is text mining?
Also known as text mining or natural language processing (NLP), text analytics is the science of turning unstructured text into structured data. In essence, text mining is a tool that allows you to “sift through” large amounts of unstructured information in search of trends, patterns, and interconnections — the most important for making the right decisions in various fields of human activity.
Text mining is based on mathematical and linguistic algorithms. A typical data mining process includes searching for information, identifying meanings, patterns, cross-references, semantic text analysis, and quantitative text analysis. The truth is, your small business doesn’t require complex software or a group of data scientists to draw customer insights. Lots of small companies extract their website data to acquire specific details, which is a great way to take better business decisions.
3. Help to Analyze Social Media Platforms
Social networks are significant parts of the data-driven world and your best landmark to understand your clients’ needs.
Well, let’s consider one good example:
If Big Data is water flowing down from a tap, then Social Media Platform is a reservoir from which water flows. And yes, such never-ending content stream from social networks allowed the previous old school data analytics to become a Big Data.
And now we have a huge advantage for small businesses from Big Data — the ability to analyze users on social networks. With the help of marketing data, you can send users individual offers, discounts, and promotions. Work with reviews implies a search for negative comments on various social networks. Recently, companies have sought to cover not only social networks but also thematic resources (communities, forums, etc.). In addition, in the security segment, solutions on the market help identify intruders and extremists.
4. Keep Track of Your Customers
Want to know answers for such questions like: Where do your customers live? Where do they work? What restaurants do they have lunch at? What is their travel route? Before the era of Google Maps, it was almost impossible for an e-commerce representative to answer this request.
Today, thanks to geolocation on mobile devices, companies can track a user and give him content that corresponds to his geographic location without violating generally accepted privacy rules.
Geo-targeting is a method of providing unique content and/or services based on the exact geographic location of the user. Geo-targeting is very actively used in internet marketing to place targeted advertisements. Location settings include factors such as countries, provinces, cities, zip code, IP address and more.
By analyzing who your customers are, SMBs can make informed guesses regarding their future successes. It’s a good idea for SMBs to know for what it is better allocating a greater budget to hit the client’s interest and not miscalculate.
5. Reducing Costs Tremendously for Your Organization
Big data solutions help in setting up efficient manufacturing processes, with demand-driven production and optimum utilization of raw materials. For example, online free presentation tools powered by D3 data visualization help achieve impressive visual data representation at reduced costs compared to bigger companies that opt for expensive commercial tools. Also, these tools offer visual representations of key Big Data to offer deeper insights into various cost heads, allowing small businesses to trim down costs.
6. Launch Effective Marketing Campaigns
Clients nowadays are demanding when making decisions. Plus, the advertising campaigns of small businesses must evolve with time and follow existing trends in their approach. Companies can use Big Data in this regard. By analyzing this data in a more purposeful manner, they can design improved marketing strategies to secure better ROI.
7. Promote Quick Thinking
Big Data helps companies access high-quality details on time. Using Machine Learning gives businesses the expertise and experience to adjust to changes in real-time and make alterations concurrently. This is one plot where larger corporations fall behind on due to traditional workplace rankings and stricter compliance. Your site comes to be more appealing to users when you take steps that aren’t just swift to serve your particular concerns as well.
8. Utilize Business Intelligence
BI (business intelligence) is not romped by the rules of profit and loss analysis. It incorporates a whole range of insights, comprehensive analyses, and deductions that combine with Big Data to take care of enterprises with key business decisions. Data science instruments and data management tools enhance the exactness and effectiveness of this process significantly, making BI even more helpful for small business enterprises.
9. Improve Company Productivity
Cloud storage providers have expanded rapidly in creating data and cloud storage options for SMBs. Offering access to centralized data and files would earlier cost time and money. They now let you open files on any system worldwide, even when you’re not connected to the Internet. With a subscription, you get access to shared folders that allow you and your employees to work on the same presentation together without bandwidth issues and version control.
10. Perform Risk Analysis
SMBs can now operate at considerably lower scales than the larger players in the industry. Thus, the extent of risk connected with their business practices is considerably limited. By dint of presentation tools for visualization as well as Big Data resources available to the employees, companies are able to access in a manner that’s impeccable enough for analyzing the comprehensive risks associated with the business process. In fact, they can further resolve the risks in a streamlined and effective fashion!
Instead of Conclusion
How can Big Data change the “life” of a small business? I think these 10 reasons are the best answer to the question. But it is also worth remembering that big data is not a panacea for all diseases. This is just a tool that can and should be used in the hands of a skilled entrepreneur responsible for making important decisions. In such a way Big Data will bring great profit.
Leveraging Big Data is a strong weapon, and yes, it is equally advantageable for both small and big businesses. Hope, it was useful for you. If so, leave a comment below, and of course, don’t forget about a few claps!
Thanks for the reading!