Last Updated on February 13, 2020 by Ruchir Shastri
From humble beginning some years ago as a concept in the minds of scientists, big data has become a mainstream in the business world. As per the report by Harvard Business Review, 99% of businesses surveyed reported that they intend to implement big data analytics and AI in the near future, in realty only around 30% have actually succeeded in doing that.
That mismatch shows that while many businesses have not acquired the technical capacity to implement big data analytics, most (73%) of the businesses that have are seeing significant ROI, with most of them being large companies.
Whether your business is big or small, big data has benefits for all them. In fact, SMEs would likely grow the most considering their starting point and how they’d be able to move ahead of competitors who delay in implementing big data solutions. If you’re considering taking the plunge into the big data pool, here are a few of the potential benefits of doing so.
It’s Cost Effective
A recent Tech Cocktail article looks at how Twiddy & Company Realtors cut their costs by 15%. The company compared maintenance charges for contractors against the average of its other vendors. Through this process, the company identified and eliminated invoice-processing errors and automated service schedules.
Greatly Increases Efficiency
Using digital technology tools boosts your business efficiency. From using tools such as Google Maps, Google Earth, and social media, you can do many tasks right at your desk without having travel expenses. These tools save a great amount of time, too.
Greatly Improves Pricing
Use a business intelligence tool to evaluate your finances, which can give you a clearer picture of where your business stands.
Small Businesses Start To Compete With Big Corporations
Using the same tools that big businesses do allows you to be on the same playing field. Your business becomes more sophisticated by taking advantage of tools that are available for your use.
Allows You To Focus On Local Preferences
Small businesses should focus on the local environment they cater to. Big data allows you to zoom in on your local client’s likes/dislikes and preferences even more. When your business gets to know your customer’s preferences combined with a personal touch, you’ll have an advantage over your competition.
Helps In Increasing Sales And Loyalty
The digital footprints that we leave behind, reveal a great deal of insight into our shopping preferences, beliefs, etc. This data allows businesses to tailor their products and services to exactly what the customer wants. A digital footprint is left behind when your customers are browsing online and posting to social media channels.
Don’t feel overwhelmed by all the data that’s out there. With the right tools and professional assistance like the one by Softsys Hosting, you can sift through the data to find out what you need to start growing your business today!