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Small businesses have much to gain from big data

Small businesses have much to gain from big data

Regardless of size, all businesses have much to gain from mining big data for enhanced observations and predictive analytics that can result in more informed predictions and decisions.

In a recent panel, Kay LaBare, Syncada’s chief information officer, asserted that even small businesses that don’t need to store mass volumes of data can still utilize database administration services for improved business intelligence (BI). 

“Every company can benefit from data, but it’s essential to go beyond merely storing information,” she stated. “Companies need flexible tools for data analysis, allowing them to stay agile in a constantly changing marketplace.”

Limitless possibilities for growth
While larger enterprises have long made use of technologies for big data analytics, smaller businesses are finally utilizing these tools to gain a competitive edge. Reuters reported that the iPad application Jetpac, which converts photos into a customized travel magazine, wanted to be able to find some of its user’s best uploads. While some small businesses might question investments in big data analytics, owners who have leveraged these technologies agree that the benefits outweighed the costs. Jetpac founder and chief technology officer, Pete Warden, explained to the news source that instead of depending on internal staff to sift through mass amounts of photos, his company hired database experts.

“It helped us speed up our development and get a better result much faster than if we’d done it as an internal project,” he said. “It was pretty crucial for our product and it made a massive change in terms of the satisfaction the users were reporting.”

Small businesses are using big data analytics for a variety of purposes. According to Reuters, the brand-building agency Powerhouse Factories was able to address client data errors in checkout lines, as well as deepen insight into how Facebook messages were impacting customer engagement and sales. Michael Cristiani, of the analytics and data visualization group at PowerHouse Factories, said these capabilities were invaluable, especially considering the company only has 50 employees.

“The world runs on data and analytics,” he explained. “And small businesses aren’t starving for data – they’ve already got it. They’re starving for the insights.”

The restaurant Farmstead Table is using these tools to process payments and track customer visits, favorite meals and spending habits so staff can offer more targeted services and personalized interactions.

Regardless of business objectives, big data technologies and expertise can empower companies to draw meaningful conclusions from data analytics, and therefore, focus marketing strategies and strengthen customer relationships.

RDX’s business intelligence and big data experts assist customers in leveraging data contained in large data stores. For more information, please visit our Business Intelligence and Predictive Analytics pages, or contact us.

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