Big Data is not just for big business enterprises and Fortune 500 power players. Small businesses are on a level playing field when it comes to the ability to use the massive amounts of information generated in the era of Big Data. Analyzing data for patterns, trends, and insights in order to make better decisions is something that any business, large or small, can do. And this enables your small business to provide the products and services tailored specifically to your target market.
In fact, most small businesses are already processing Big Data through applications like Google Analytics that help you see who’s visiting your website, what pages they’re looking at and what the overall traffic patterns are like. This is just part of what Big Data addresses.
Even owners of small to mid-size businesses can get more accurate answers to questions about product stock, employee scheduling needs, or even insights on other local businesses. Big data analytics and tools will continue to become more available and affordable to those with smaller budgets. The result will be a more competitive landscape as consumer information is accessed by companies of all different types and sizes.
The point of accessing and analyzing big data should be to improve your business. The first step is to realize and understand your current access to data and how it fits with your business goals.
In the past, local businesses had an intimate relationship with their customers. Somewhere along the way, that personalization was largely lost. But now, between the grass roots efforts to encourage residents to “shop local” and the access to new – and bigger – data, small businesses are returning to their roots of more personalized service.
We’ve become a society of data producers as emails, tweets, blogs, status updates, links, purchases, downloads and reviews are generating data and being tracked in order to collate what how we act. And now we are developing more ways to assess and utilize that data in practical, profitable ways.
While it may seem that the realm of big data is beyond small business, there is great opportunity for small businesses to benefit from the coming tools and applications that tracks and analyzes the mindset and trends of your local market.
In the Mind Commerce report, Big Data Opportunities, Challenges and Solutions for Industry Verticals, you can learn about Big Data solutions and strategies for your enterprise, understand the challenges and benefits for enterprise Big Data and identify the market opportunities for Big Data in industry verticals.
By: Brenda Spandrio, Marketing Manager