Data makes up a large part of all businesses. But so far, the massive amount of data generated by businesses have been an untapped resource accumulated in the storage of the business database.
Let’s look at a few benefits of big data for small businesses:
1. Tracks Outcomes of Business Decisions
Every business can benefit in copious amounts from analytics. This is where big data comes in handy. It allows businesses to track the outcomes of their promotional strategies, understand what works and what doesn’t and improve their decisions for better results.
Small businesses can keep a tab on how their brands are being perceived by customers. Based on this, businesses can make accurate predictions about their techniques and minimize risks exponentially.
In fact, 72% of businesses have stated that the primary reason behind their big data implementation efforts is to improve business operations.
2. Your Company Can Find New Business Opportunities
As big data analytics tools continue to mature, more users are realizing the competitive advantage to being a data-driven enterprise. The 2012 presidential election demonstrated this.
Campaign managers in both the Democratic and Republican parties saw a critical need for information on voters and their specific interests; taking this info and addressing an issue through a customized email or flyer meant the potential to gain or sway a vote.
3. Cost-Effective Revenue Generation
Big data opens the door to a host of business opportunities. And the good news is that this comes at zero cost. The data sources available to businesses are free of cost. For example, social media interactions, sales data etc. can be obtained at zero expenses. Apart from that, there a number of platforms that can provide you the benefits at low to zero costs. For example, Google Analytics serves as an effective tool to detect visitors’ behavior on your webpage.