The big data trend has been gaining traction rapidly in the international markets. Almost all the multinationals have their own data analytics arm; or they outsource this service from the many data analytics companies that excel at it.
But, it is undeniably true that many organizations today are making data waves. But, it is also the undeniable truth that most Small Businesses are yet to join this bandwagon. It’s been estimated that with the rapid spread of mobile devices and the “Internet of Things,” the world is generating more than 2.5 billion gigabytes of data every single day.
These vast sets of data are an organization’s most precious natural resource — whether that data is structured in databases or is the kind of information that comes from blog posts, customer-support chat sessions or even social networks like Twitter.
In fact, only 18 percent of small businesses and just more than half (57 percent) of mid-size companies use business intelligence and analytics solutions, according to market research firm The SMB Group. This is a clear indicator of the fact that small businesses are not yet savvy enough when it comes to data and might get obsolete before they adapt to the new way of the world.
Quite a few small business owners believe that spending on data analysis might not be the best way to spend said money. When budgets are tight and every penny must be accounted for, it is not easy for an entrepreneur to take the decision on investing in data analytics.
So the question is, what makes data analytics worthwhile for small businesses? And should they put their not so considerable resources into something that may or may not give them an immediate ROI?
The ‘big’ in big data may sound off- putting. But in reality, the largeness of big data can prove to be a boon to any business owner or decision maker. Tapping into critical data that could change the way your company operates for the better is as simple as a web search and costs you almost nothing compared to the profits you would mint.
Big data analytics today is presented to us in a user friendly interface. Meaning that any employee can utilize these tools and arrive at insights. No extra know-how is necessary to use data analysis tools. This means smaller businesses can take advantage of their speed and customer proximity and, combined with new data insights, really be game changers.
Identifying and exploring the useful information and data is important for small businesses. And this becomes very easy with the help of data analytics tools. It is only when the smallest businesses start using the knowledge they already possess with a touch of brilliance that we can take the consumer experience to the next level.
At IntelligenceNODE, we provide you with the tools to learn and earn from your data. Our answer to the two questions asked above is a resounding YES! Find out meaning in your data and create smart strategies with us. Click here.