Big data is everywhere, from the social media apps we use to the Netflix shows, making it an inevitable part of the new technological innovations. But, do you know that Big Data can prove advantageous for small businesses as well?
A recent survey found that around 61% of firms accept that they enjoy big data-driven revenues as it helps them get insights into consumer behaviour. Big data and data analytics together help companies gain valuable information through which they can delve deep into consumers’ collective psyche alongside reviewing changing trends and demand.
According to IBM, “Big data analytics is the use of advanced analytic techniques against very large, diverse big data sets that include structured, semi-structured and unstructured data, from different sources, and in different sizes from terabytes to zettabytes”. But, how can small business owners gain from big data?
Although understanding big data as its core might prove a complex task, using them can make you a smart businessman. Your faster decision-making and appropriate future predictions made with the help of big data can increase the chances of business sustainability along with gaining a competitive edge.
But what is big data exactly?
Big data can be technically defined as a set of data whose type or size has reached beyond traditional relational databases to manage, store or process the data with low latency. Data with high variety, volume, and velocity are some of the basic characteristics of big data.
The use of big data analytics has increased recently majorly due to the application of complex data in businesses such as artificial intelligence, social media content, the Internet of Things and mobile devices. The different form of data originates from networks, log files, sensors, application, social media, the web and other destinations which can be generated in real-time and at a larger scale.
With big data analytics, you can now make faster decisions and fuel better business modelling. In building big data solutions, look for reliable software that is cost-effective, flexible, and has storage tools to handle the increasing volume of data.
How can small businesses use big data?
Around 51% of small companies think that big-data analysis is a must for the smooth running of the business but only 45% use them. Moreover, 73% of small business owners said that getting new consumers was their top-most concern and 63% found existing customers were their top priority. Many business owners believe that they will not be able to manage or track analytics, however, if they can do so, they can use it to gain a competitive advantage.
It is important to note that big data will do nothing of its own for an organization. Using the right technology systematically and extracting data sets from multiple sources, you will find trends, patterns, and even correlations in the data that can be extremely beneficial to your business. Perhaps, you may be having all the data with you already but are unable to use them in the correct places. For example, you can source information from data analysis in various places such as:
- Publicly available data
- Data lakes
- Email marketing data
- Social media analytics
- Website analytics
- Sales receipts
- Streaming data from connected devices
In fact, you do not need to spend much time or energy doing various data analyses. Many data analytics are available for free which can be used alongside social media business accounts. Before choosing one, you must however review information about the software available online. Many software companies and data analytic tools can now be accessed on your smartphones too through convenient mobile apps to provide you with you instant reports on desired data.
Common big-data software for small businesses
IBM Cognos Analytics
Although various data solution software has been built to serve knowledgeable data analysts and scientists, the solution offered by IBM Cognos Analytics aims at predictive and advanced business analytics which can be accessed by small business owners easily. The platform does not need any skill to mine complex data or analyze the system. This means this solution comes with an automated process that business owners have to install in their system.
IBM’s self-service analytics includes a set of data access, refinement and warehouse services providing business owners with a comprehensive tool to prepare and present data in a simpler and actionable way for business decisions making. Many big data analytics software emphasizes a specific area of business but IBM’s solution unifies every data into a single platform. Hence, with one solution, all your needs such as sales, marketing, advertisement, human resources and others can be accessed and operated easily.
SAS
SAS is another big data analytics solution provider that believes small business owners can obtain market insights and business intelligence easily to become a business leaders within a short time. The data solution provided by SAS helps you in making prompt decisions and applying fresh marketing perspectives, whether your organization is big or small.
Just like large businesses, small-scale industries may face several issues which SAS intends to solve by using analytics, data mining and automated forecasting. With correct data processing, business owners will be able to accomplish more with less and overcome challenges in less time.
Kiss Metrics
Kiss metrics is an excellent tool for small-scale companies focusing more on marketing or understanding consumer segments based on targeted audience behaviour. Kiss Metrics allows you to manage, create and automate the delivery of single-shot mails and ongoing mail campaigns according to consumer behaviour. The data analytics software has been made to perform measure campaigns as well that can impact businesses beyond clicks and opens.
The software can also manage your social media marketing to drive repeat purchases among users. You can get access to web-based training or educational resources that can enhance your marketing skills or infographics from a single platform.
Google Analytics
Google’s free data analytics platform can be used by small businesses to analyze website data within a single platform. Google Analytics allows users to extract long-term data that can help users in understanding new trends or other valuable information which can drive enhanced results. For example, you can track and analyze consumers visiting behavior, when traffic for certain products increases or how long visitors stay on your website. This can help in making your online store or website better and according to consumers’ preferences. Google Analytics can also help small firms in analyzing social media traffic to make changes in social media marketing campaigns based on what works well and what do not.
Insight Squared
Insight Squared is yet another big data analysis software providing company that intends to provide business solutions such as QuickBooks, Salesforce, Zendesk and Google Analytics. All these solutions collectively gather data automatically to extract actional data. For instance, the CRM solution provides sales intelligence, tracking and lead generation. This also helps in estimating new trends, weaknesses and strengths in the company for directing the sales team appropriately. Some of the popular products provided by Insight Squared include staffing, financial, marketing and support analytics.
Tranzlogic
Tranzlogic data solution providers work mostly with payment systems and merchants to analyze proprietary data after gathering and extracting them. The software runs according to credit card purchases or sales made by the company which helps in analyzing sales performance, customer evaluation and segmentation. The data extracted can further help small businesses in improving promotions and loyalty programs besides launching marketing campaigns.
To start with Tranzlogic software, you do not need any tech smart since the Trunkey feature of the software does not require installation or programming. The data analytics software can be accessed through a web portal, which means business owners can use it seamlessly.
Alteryx
Alteryx is one of the leading data analytics software which offers advanced data mining and analytics tools understandably and more simply. In order to improve business decisions, the software combines internal business data with publicly available information. The insights can be used to make graphical representations or interactive visuals to enable team discussion. Alteryx also provides department-specific data such as customer analytics, marketing and sales data, etc. So, whether you work in the food, beverage, financial, manufacturing or healthcare industry, use big data analytics tools and software to become a business leader.
