Big data analytics refers to the application of advanced analytic methods against extremely large, diverse sets of data that is of different sizes and obtained from different sources. When we are talking about big data, we are simply referring to the sets of data whose type and size lies beyond ability of traditional databases to take, manage, analyze and process with simplicity and easiness. In simpler terms, this big data is data which is either too large or complex for firms to be able to manage using their traditional IT systems. Analyzing big data can allow businesspeople to make faster and better decisions by using the same exact data that was initially unusable, complex or inaccessible. Large businesses can afford to hire big data consulting services from various firms such as Squadex.
Small businesses and big data analytics
Small business owners can apply these big data analytic methods so as to be able to thrive in the ever-competitive market environment either from small or even larger enterprises.
With the current digitized globe, big data has really become a big deal. Due to the excessive usage of internet and social media, there are large sets of data that is being created concerning people from the entire world and it is exponentially growing.
Initially, big data has been utilized by large business enterprises through big data consulting services so as to discover more about customer desires, behaviors, buying patterns and even trends. This is due to the fact that it requires complex system and substantial computing power to be able to sort through this information and finally come up with anything useful.
Nonetheless, with the advanced technology and price decrease, small business enterprises are finally able to apply the power of big data so as to enhance their clients’ experiences and increase the total profits of their businesses.
As we have previously stated, big data involves a lot of complex data. To be able to get anything that may be helpful from these large sets of data, you require some contemplative analytical power that can discover the crucial bits and finally exhibit them in a way you can easily interpret them. Luckily, that analytical power is currently accessible and affordable through certain platforms starting from programs such as Google Analytics to cheap business tools such as CRM software (Customer Relationship Management)
Various ways of using big data analytics in small business enterprises
For any small business owner interested in utilizing this big data for the benefits of the firm, there are various big data solutions that have been created purposely for small business enterprises. Some of these solutions include:
- Kissmetrics
Kissmetrics is simply a platform that allows you to understand, involve and segment your customers according to a particular behavior that they are exhibiting. Using Kissmetrics, you can possibly create, organize and finally preset the delivery of ‘one shot’ emails together with email promotions in progress depending on the customers’ behavior. Additionally, this platform evaluates influence of the campaign beyond opens and clicks. Kissmetrics is useful with ecommerce, decreases cart abandonment rates, drives more ‘repeat’ buying and also boosts facebook and instagram ROI.
- Google Analytics
You don’t necessarily require any costly software so as to start gathering data. You can simply start with an already existing asset: the business’ website. Google Analytics is a free digital analytics base by Google that facilitates small businesses with tools that they can use for site data analysis. You can simply utilize it to obtain long term data from beneficial information and also for revealing trends. This will in turn assist you in making data-driven, intelligent decisions with ease. For instance, through observing and analyzing the site visitor’s behavior, you can simply come up with better decisions when attempting to accomplish the goals and objectives of the business website or the online store.
- SaaS
Saas is a software that is designed for offering business analytics services that was developed in 1976. It clearly outlines that small business enterprises are not restricted from attaining market and business intelligence. It uses analytics that are convenient to use, data mining and automated forecasting thus enabling enterprises with limited resources benefit more using less resources. It transforms data into insights that can assist in informing the decision-making process and giving another perspective on the business whether it is a small, middle-sized or large enterprise.
- InsightSquared
InsightSquared saves you the trouble and time of having to explore and analyze data tiresomely by moving from one spreadsheet to the other. Instead, it combines with properly-known business solutions that you may have utilized before such as Google Analytics, Salesforce, Zendesk and Quickbooks to gather data and automatically obtain actionable information.
- ClearStory data
It provides improved data mining plus analytic tools that additionally produce information in a very simple and understandable manner. It functions by merging the publicly available data with the internal data of the business so as to assist you in the business decision-making process. It displays these insights using StoryBoard feature that enables you to create storylines, interactive visuals and graphs from its dashboard.
Conclusion
Small business enterprises owners should embrace the big data analytics since it will assist them in growing to new heights. They’ll get a better understanding on preferences of their customers and it will definitely lead to product improvements.
