The IMT Center for Digital Business decided explored the success of the businesses that embraced the decision making based on the big data. The research covered the top third companies in their own industries. The study showed that the businesses in that third that embraced the decision making based on the big data were 5% more productive and 6% more profitable than those that did not (Harvard Business Review, October 2012). Here are the three reasons why small businesses should use the big data and three ways how to do it.
Better Decision Making
In order to succeed and to stay competitive with the other businesses, you need to be able to predict the market movements in time. If you are only starting, you need to be able to choose your product and find a way to place it on the market. With the big data on your side, you are able to check the situation on the market and act accordingly. You have to understand that the big data will show you the numbers and trends, but you will be the one who interprets them and makes business decisions.
Everybody Else is Doing It
Analyzing the big data is here to stay. The big companies have professionals crunching the numbers for them and they are leaving the small businesses in the dust. That is why you need to start doing the same. Everybody else will be using the big data soon enough, which means that you will not be competitive enough if you are left in the dark.
Efficient Business Processes
The big data can tell you when, where and how people want their product delivered. It can also tell you how fast and through which channels you can give your products to them. This makes the processes more efficient and far faster. Once again, it helps you stay competitive on the market.
The reasons for starting to use the big data are more than obvious after these explanations. However, a small business owner may start wondering how to get the hold of this data and analytics. Here are the two best ways.
Using the Tailored Software
There are many software solutions for small businesses that can meet the needs for such a company. While you need to make sure that the software gives you the data that you need and analyzes it in a way that is needed for your processes, you also need to think about the price. Today, with the big data expansion, there is a plethora of apps designed for this use. Therefore, look around and find some excellent software reviews to learn all about the best solution for yourself. Once you master it, the money and the time invested will pay out double fold.
Outsourcing Your Analytics
If you feel the whole idea about the data analysis is too much for you, you can always hire somebody to do it. You can employ somebody to do the analytics for you using the software of your choice, or you can just find a company that does big data analysis. They usually have their own software solutions that you don’t have to worry about and they crunch the numbers in a way that is understandable to you.
Whatever you choose as your next move when it comes to using the big data, you need to start using it. Soon enough, it will not just be a matter of implementing new technologies and methods, but a matter of a business survival. Therefore, make the first step, as soon as possible.
Dan Radak is Hosting security specialist. Currently employed as a consultant in couple of Web Hosting companies. Lately, he has been interested in web design. You can reach him on Twitter.