Big data is a rising trend among Fortune 500 businesses, and it is helping to shape the direction of the current economy. Data provides more comprehensive insights to their business and the market, creating better blueprints of their future through forecasting capabilities.
Big data, however, is not solely reserved for the larger-scale enterprises. Your small business also has the opportunity to take advantage of big data technologies. Business News Daily reported that small businesses can also enjoy the benefits of having massive offline and online information and make better, data-rich decisions and grow their small businesses.
In short, small businesses do not need to be running blind in their decision making without big data.
Directing the Future
The biggest benefit of big data is it directs you and your team to make better, well-informed decisions about your business. Harvard Business Review states that when you're running a small business, there's a big chance that your decision-making process revolves more on your business experience, gut sense and instinct. They concluded a recent study that found out that small businesses not only benefited from the "precision offered by customer data", but also their exposure to big data encourages competitive thinking and more insightful discussions among owner-managers and the whole team.
Exposing you and your team to big data leads your business to more calculated, data-driven decision-making. With the data your small business has right now, you can discern which products sell more to a particular market segment, which marketing activities work to gather more leads and which do not, and where to go from where you are now as a small business. Entrepreneur.com reports that an organization that utilizes big data can improve their business processes, make their customer engagement more personalized, and capture new markets as they emerge. Implementing new tactics derived from data-driven analysis is also advantageous for your small business, as you can get more up-close and personal with your customers, and you are quicker and leaner to implement your innovations to your business.
Implementing new tactics derived from data-driven analysis is also advantageous for your small business, as you can get more up-close and personal with your customers, and you are quicker and leaner to implement your innovations to your business.
Business Intelligence and Big Data Technologies
It's true that bigger companies have more advantage by having all the resources to hire scientists and research firms to conduct wider-scale data gathering, but according to Business News Daily there are several ways for your small business to gather and analyze external and internal business data.
According to Small Business Trends, newer technologies are creating more opportunities for your small business to gather and make sense of your data. Cloud technologies, mobile technologies and social media tools are some of the most cost-effective, highly-accessible and data-rich platforms you can leverage.
Enterprise Resource Planning (ERP) solutions, according to Small Business Trends, are also widely-accessible for your small business. Like Connected Business, an ERP solution helps you manage all your business data throughout your entire system, automate tasks and provide you with business intelligence tools to help you drive your business further. When your ERP solution is integrated with your CRM solution, the possibilities are endless - from gathering insight from your sales and marketing team to laying out the groundwork for more personalized and well-informed sales and marketing campaigns.
Connected Business offers your small business a fully-integrated ERP solution - complete with CRM, supplier relationship management, an efficient shipping solution, and a comprehensive and easy-to-use business intelligence module that brings in your business data from your entire business operations and helps you gather insights, see and forecast trends and make better, well-informed business decisions.
Indeed, big data is an intimidating concept to adopt for your small business, but by having all the tools you need, you can grow your business further.
What do you think? How do you use big data for your business decision-making? Share with us on the comments section below.