How SMEs Can Use Big Data Analytics to Evolve
If you’re reading this, you’re likely aware that you’re sitting on a treasure trove of data but aren’t taking advantage of it. It could also be that you’re not even sure what data is useful, or what sorts of questions you can find the answers to.
Thankfully, you don’t need to be a data scientist to wrap your head around big data analysis. More and more business leaders are making the digital shift: Big data adoption across enterprises of all sizes increased from 17% in 2015 to 59% in 2018.
With your SME actively competing against large enterprises, you need to be leveraging the same strategic opportunities that they are. If you’re under the impression that you don’t have the resources or internal skill sets to implement Big Data analytics in your organization, think again - you don’t need big money for big data. Cloud-based solutions have made Big Data much more affordable in recent years and reduced the need for onsite data center management. Plenty of small and medium businesses are taking advantage of the power of their data to help them thrive in an increasingly competitive environment.
So What is Big Data Analytics?
Big Data refers to the many gigabytes or terabytes of data across your various business departments and other third-party sources that can be unified and analyzed to uncover strategic insights about your business processes and customers. Big Data encompasses the 3 Vs: the volume of data, the wide variety of data types, and the velocity required to process the data.
There are many applications for Big Data that streamline processes to save money while acquiring more customers.
Customer Acquisition and Retention
Big data is a helpful venue to uncover smarter insights about your customers. By understanding the purchase history of your customers across various demographics via their shopping history and trends (in-store and online), shopping behavior, app and loyalty program usage, you’ll be able to make smarter stocking decisions, design better products, and develop more effective marketing campaigns.
Big data can also provide you with the pulse of your customers’ thoughts, feelings, and emotions about your brand so you can delight them with a stellar customer journey. By keeping track of customer experience (CX) metrics, social media sentiment analysis to help uncover the strong points of your customer service, and also where it may be lacking.
Big Data analysis can help various industries make their processes more efficient. Supply chain and delivery companies are a great example - sensors on delivery vehicles can keep track of routing, fuel usage, live traffic data, and more to help develop smarter delivery routes and staffing requirements. Similarly, manufacturers can collect data from their various machines and tools that “speak” to one another through IoT to uncover ways to increase efficiency.
Retail can also utilize big data to predict sales trends from social media data, web search trends, seasonal purchase history, and even live weather forecasts.
What Type of Big Data Solution is Right For My Business?
There is no “one size fits all” Big Data Solution; any effort at implementing big data for your business requires you to first figure out what key business questions you want your data to answer. Your big data solution could then involve any combination of the following four major data analysis brackets.
Descriptive Analytics: Mining your data to provide insight into current business factors. For example, a financial analyst could use this system to pull key information from various data sources to uncover credit risks.
Prescriptive Analytics: An application of both mathematical and computational models that can provide you with specific answers to laser-focused questions. For example, it would go one step further from the above example by providing various options for the owner of that credit score to qualify for a mortgage.
Diagnostic Analytics: Similar to prescriptive analytics, diagnostic analytics systems can uncover problems with anything from a janky workflow to a lackluster marketing campaign.
Predictive Analytics: Taking the data pulled from various sources and uncovering patterns that help predict future trends. This involves a combination of data mining and historical and statistical analysis.
Invest in a Technology Partner
Big Data is complex - you need a partner who can help you determine the solutions required, a technical implementation roadmap, software recommendations, and risk management.
Torinit supports companies that strive for success and growth. We offer the right technology and strategies, like Big Data strategies and implementation, that equip your company to stand out and thrive online.
Our holistic business and technology audit/discovery identifies the gaps, inconsistencies, and opportunities within a company and the market as a whole. The Torinit team of experts resolve challenges to grow and scale your SME profitably.
Contact us now and discover the Torinit difference.