As a small business, you’re bound to be apprehensive about a lot of things. Big data analytics is likely to be one of those, and it’s completely understandable. You’re small and you think that you simply cannot afford to invest in something that seems exclusive to enterprises. Well, here’s the good news – that’s not the situation anymore.
We live in completely different times and there are two key factors that affect data analytics today. Interestingly, these are the very same factors that make big data analytics feasible for startups and small businesses.
The first factor is cloud computing and the second is digital storage of digital assets such as websites, documentation, and databases. Cloud computing makes installation much easier and more affordable. With the virtual nature of the cloud, companies can have the desired level of processing power and storage space easily and quickly.
Now that we’ve gotten that out of the way, let’s look at why big data analytics is necessary even for your small business.
It’s been tried and tested. The results are hardly debatable. Personalization is the best solution if your problem happens to be customer attrition. With data analytics, the personalization that you crave is now more attainable than ever before.
A few targeted campaigns are all you need to get an idea of which customer is worth your time. By doing so, you can put such customers under specific categories. Then, you leverage your master data management capabilities to assign identifiers and categories to a master data record.
Next, you simply organize customers into multi-layered categories. This will help you target them even more precisely with personalized communications, promotions, and messages. In the end, you’ve achieved personalization without engaging in any customer level planning.
It’s easier than ever
Data analytics isn’t like an alien language anymore. Thanks to tools with evolved GUIs, they allow anybody to make sense of what’s being communicated. Also, the agility at which reports can be published and rates at which insights are delivered has vastly improved.
Analytics delivers unrivalled value
Today, data analytics combines business data with public domain and open source data to provide you with context-based analysis. This is excellent for making business decisions. For example, analytics tools today can leverage macroeconomic indicators to determine how customers spend their money and provide patterns that help make smarter decisions.
You can do everything from planning sales geographies to establishing prices for your latest products.
Interested in a big data analytics tool? We work with best-in-class technologies to enable organisations to mine and visualise their information in a meaningful way that helps them to take the right decisions at the right time. Get in touch with us now and we will find the perfect solution for your current needs.