What is Big Data?
If you’re not yet leveraging big data in your SME, you might be missing out on significant opportunities. But don’t worry—we’re here to help you catch up. Big data has evolved beyond just being a buzzword; it’s now an essential tool for businesses of all sizes.
Gartner defines big data as “high-volume, high-velocity, and/or high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight, decision making, and process automation.” This definition remains relevant, but in 2024, big data has expanded to include more advanced analytics, machine learning integration, and real-time decision-making capabilities.
How Can Small Businesses Use Big Data?
Discover What Data You Already Have
Your business likely has more data than you think. Whether it’s customer orders in a CRM, financial transactions in accounting software, or traffic data from Google Analytics, this data is gold waiting to be mined.
The first step is understanding exactly what data you already have. Once identified, advanced tools like AI-driven data structuring can help you transform this raw data into actionable insights. For instance, you can use tools like Microsoft Power BI, a cloud-based platform, to process and visualise your data in real-time.
Discover What Other Data Sources Are Available
Whether or not your business has copious amounts of data, the wealth of external data available today is unprecedented. Using this alongside your own business data can give you insights you didn’t think was possible. From information regarding population demographics and family spending habits, to social and trade statistics, there is public data that is relevant to your sector that you can leverage.
For instance, AI and machine learning can help you process and analyse large external datasets to predict market trends, understand customer preferences, and even anticipate economic shifts that could impact your business. These insights can empower you to make informed decisions, stay competitive, and even uncover new business opportunities.
Discover What Your Data Can Reveal
Is your business workload seasonal or subject to constant changes due to external factors? If so, do you have a strategy to manage these fluctuations effectively? How do you predict when and how many additional staff you’ll need during peak times? How do you optimise your processes for maximum efficiency? Predictive analytics can help you stay ahead by identifying when busy periods are approaching, allowing you to plan staffing and resources more accurately. These tools can analyse historical and real-time data to forecast demand, helping you make proactive decisions that keep your operations running smoothly.
Are top-level decisions still based on gut feeling? In today’s data-driven world, you can use your data to gain insights into productivity, client profitability, and operational efficiency. Predictive analytics can pinpoint where wastage is occurring in your processes or identify the types of clients that provide the best return on investment. These examples are just a few of the many ways your business can leverage data to enhance processes and improve overall efficiency.
f you would like to know more about providing data insights for your business, please get in touch.
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