You may have noticed that there has been a lot of discussion about data recently, specifically how it has become a driving force in organizational decision making. This month, we’ll look at the data revolution, how the data has become a commodity and what the real value of an individual’s data is.
What is Big Data?
The data revolution we refer to is often referred to as “big data.” Big data is more about the analysis of all the data an organization takes in than it is about the data itself. As technology evolves, business practices must as well. With every part of a business transforming somewhat, organizations are looking at the data to get the most out of their budgets, their staff and their strategies.
Small businesses are just now starting to understand how data analytics can work, albeit in a much simpler manner than larger companies. This is largely because an efficient small business still doesn’t have the strategies put in place to quantify and analyze the data they take in, despite their increased usage of many of the same software resources that enterprises use. This presents two major questions:
- Why haven’t many small businesses started with big data initiatives?
- What would it take to make your company’s data work for you?
Small Business, Big Data
Traditionally, small businesses have been at the forefront of championing technologies designed at keeping them competitive. With innovative data analytics, however, the opposite seems to be true. Looking at the market for these systems, it quickly becomes evident that because smaller businesses perceive they cannot legitimately afford analytics platforms, they plan their technology investments by practicality, not value.
In leveraging the right kind of technology, small businesses can aggressively take advantage of their inherent lack of rigidity. This provides ways to simplify their production processes while completely overhauling their customer experience. Data, when analyzed properly, tells very poignant truths. By accepting that they don’t need to be a Fortune 500 company to utilize business analytics, small businesses can take the steps necessary to start using their data in innovative ways.
You Have to Make Investments
It’s one thing to plan on implementing a full-scale business intelligence platform for your business, and another to actually do it. To get today’s most predictive and prescriptive analytics, there has to be some time and capital invested. If you’d like to know when to run a promotion, how your customer base reacts to your marketing or how your investments are categorically improving your business’s output and revenue growth, the numbers will tell you.
By consulting with the technology professionals at Advisors Tech and committing to using the data your organization collects, you are committing to making your business better. For more information about big data and how you can make it work for your business, call us today at 844.671.6071.