Nowadays, both small and large businesses have large amounts of data to manage and analyze, and some companies are finding it difficult to perform this task effectively with traditional data management tools.
The advancement of technology has resulted in the creation of various new data management solutions, and one of them is big data analytics.
Data can be a valuable asset to your small business, and a big data solution can help you extract greater value from your data.
What is Big Data?
Big data refers to data that is so big, varied and fast-moving that it cannot be processed using conventional database systems.
In order to obtain value from such data, you need to implement a big data system. With a big data solution, you will be able to search, collect, store, transfer and analyze your data more efficiently and effectively.
Large corporations, such as Google and Walmart, have been using big data solutions since a long time ago, but at very high costs.
With the commodity hardware, open source software and cloud architectures that are available today, big data processing has become accessible to businesses that are less well-resourced.
It is now a viable solution for businesses of all sizes, ranging from multinational corporations to small garage startups.
Benefits of Implementing a Big Data Solution
As a small business owner, you have a lot to gain if you know how to unlock big data’s big potential.
Here are some of the benefits of deploying a big data solution:
Improves Information Transparency
Your small business may have a large amount of information that has not yet been captured digitally or made easily accessible through networks.
Also, you and your employees may be spending a substantial amount of time searching for data and transferring it to another location.
A big data solution can make information more transparent and accessible, and help you get previously unattainable value from your data.
Facilitates the Collection of Detailed Performance Information
With a big data system in place, you will be able to gather more detailed and accurate performance information on many aspects of your small business, ranging from product inventory to employee absenteeism.
You can use the information to develop strategies to solve problems and improve your business processes and outcomes.
Enables More Precise Segmentation of Consumers
A big data solution also enables you to gain a better understanding of the characteristics, preferences and attitudes of your target consumers.
By segmenting your target consumers more narrowly, you can develop marketing strategies and products that are more precisely tailored to their preferences and needs.
Improves Decision Making
Another benefit of having a big data system is that it can facilitate better decision making.
Since it enables you to access and analyze a large amount of information more quickly, it can help you unlock hidden insights, make better informed decisions and minimize risks.
Big data analytics has helped numerous small businesses improve their business intelligence, reduce costs and achieve their goals, and it can do the same for you.
Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from social media marketing to Cloud computing.
Published: May 21, 2014