How Small Businesses are Winning w/Data Analytics

Without a doubt, big data has taken over. Not only has it been a significant game changer for large businesses but it boasts considerable economic and competitive advantages for small businesses. 

Chances are you’ve already begun incorporating big data analysis to evaluate exactly where your business is propelling in the face of cut-throat market rivalry. And that means you might have already started integrating a couple important big data analysis tools to harvest important insights and gauge market trends.

According to research posted by Nielson, it was conclusively identified that overall, more than half of the 2,000 businesses surveyed in the US incorporated big data tools to discover new trends and business opportunities. If you’ve yet to incorporate data analytics and add it to your business toolkit, forget staying ahead, you’re already behind.  

Skipping the Technical Jargon

Why is big data analytics so important? If you look past the various technicalities of big data analysis, you find that there is one underlying concept and goal – market opportunities and advantages. Big data analysis efficiently and effectively enables you to learn from your business’ data, turning raw data into information that drives strategic decision-making in the future. While it isn’t much of surprise that large businesses across the globe have already been indulging in big data - what many don't know is its potential for boosting the efficiency and marketability aspects of smaller businesses.

So what does this mean? If you own a small business, your capability to succeed against larger businesses is becoming more and more of a reality. In the past success has more or less been driven by your intuition to provide topnotch customer service. However, big data is consistently altering the business battlefield and the playing field is being leveled.

The Real Benefits of Big Data for Small Businesses

Here are some of the reasons why small businesses have poised themselves for victory against harsh competition using big data:

Transparency of Information

Big data analysis and evaluations expedite information processes, making it conveniently accessible to small businesses, and that too in real time. With a plethora of business tools developed specifically to harness user data, small businesses can now in the blink of an eye, gather all information pertaining to customer behavior. With valuable customer and market insights, a small business can articulate and implement efficient and effective market strategies to enhance both short and long term prospects.

Monitor the Outcome of all your Business Decisions

Decision making is of the utmost importance in any business. And we’ve heard time and time again that “risk drives business.” Knowing the outcome of decisions made leads to more effective decision-making in the future. This is specifically where big data will help you the most. It will allow your establishment to track and monitor the results of your marketing strategies, get a bird’s eye view of the factors that have worked in your favor, and it eliminates the possibilities of risks posed by other decisions. 

Big Data Will Help you Develop High Yielding Products and Services

By using big data analytics, there are 3 fundamental elements that you will be able to efficiently comprehend:

• All current needs of your prospective clients/customers
• How well your products or services meet the demands of your target market
• Changes that need to be made to propel your operational efficiency and improve your services

Big data analytics can help you test the design of your products to evaluate potential flaws, potentially affecting your bottom line. Not only does big data analytics help you sell, but it poses a huge potential for a boost in after-sales services, which primarily include customer support and maintenance. 

Data analytics has a lot to offer small businesses.  To sum it up in a single sentence, all businesses can enjoy the advantages that limitless amounts of big data analytics bring to the business battlefield.