When most people think of “big data” they’re probably thinking in terms of large IT projects, or perhaps complex analytics that might be completely incomprehensible to the standard business owner. One large misconception is that big data is not just tailored for large businesses, but it can help smaller businesses as well. If your business isn’t concentrating enough on the company’s analytics, then you could be missing out on substantial growth of possible new customers and potential business tools.
Big data is not a new concept for most of the savvy in the business world. Although, for a lot of smaller businesses, the potential of using big data has been largely out of reach due to budget issues or lack of on-site expertise.
Approximately 70 percent of users in these smaller companies currently do not use any form of analytics tools or have the statistical background to leverage big data. With that being said, new approaches to big data have the potential to transform both how and which users can gain insight from their own data, without this missing expertise. If users missing out on leveraging this data were able to grasp the data appropriately, the impact their own operations and revenue could be huge. This is why many startups today are making data accessible to these small businesses craving more. Self-service data is crucial for making business intelligence a reality for a company or group of any caliber. As these tools become more prevalent, these inexperienced employees can access the data like never before. This helps assists executives in every level of the organization to conduct analysis and speed up decision-making processes.
One of the biggest challenges to small businesses developing data analytics and business intelligence strategies is the way in which data insights are presented. Complicated analytical spreadsheets and lousy dashboards make it difficult for employees to use their data. That is why self-service solutions are working to use better designing practices to assist in solving this problem.
If you zero in on the right kind of data, you can open up new opportunities to figure out which data sets will be the most useful to you. It is not uncommon for small businesses to operate without a large amount of historical data either. However, self-service tools are allowing employees to collect information over much longer periods of time. This greatly assists business owners to create long-term growth that goes deeper than regular revenue. Executives can avoid errors based on information from previous initiatives that performed poorly. Additionally, they could identify which parts of the business are most profitable and identify new ways to expand services.
Small businesses that deploy self-service data solutions can enjoy increased profits and reduced risk by identifying problems sooner rather than later. As the technology continues to develop and the number of providers catering to businesses of all sizes increases, it can be expected that data will continue to be one of the most important assets a company can grasp.