The world of big data is now open to small companies

By Sushmita Rai, 3rd Eye Advisory Ltd
The world of big data is now open to small companies

The world of big data is now open to small companies

Many business organizations are leveraging big data, but how big data can help grow small companies existing business or uncover new opportunities. Big data analytics is no longer just the purview of big companies with big budgets. Increasingly, cloud computing gives small companies an affordable and easy-to-use way of development, it has removes the need to invest in expensive infrastructure to try out new ideas and hence small companies no longer face barriers to big data innovation.

There is a great difference between what it means to use Big data, and a company merely having the capacity to store large amounts of information. The accurate concept of big data is about putting information together, and linking the dots that were not connected in the past. Managers and authorities use the same mechanism when making business decisions. It allows the analyst to pull the valuable information from the giant mountain of unstructured data. Smaller companies or business may be focusing at specific problems so it's wise to go ahead and start out by setting their own google analytics and try to make sense of specific business related information available on web. Small companies are likely to have tons of big data idling in their system or records that can be used to derive useful statistics.

The business organizations make an effective use of big data advantage to devise strategic decision or progressive decisions for better occupational prospects. There is dire need for small companies to understand or to utilize the intelligence behind unstructured data to bloom their business. Big data analytics plays a significant role in improving the operational techniques, marketing techniques, product quality and thus helps in establishing better customer relationships. Even the analysis of a simple transaction or marketing trend is vital to stay ahead of competitors.

Small companies believe that Big Data analytics projects are costly and sophisticated to approach or to take on. Small business should take an advantage of the large public datasets to glean consumers' insights. Some metrics include customer purchasing behaviour, spending habit and bargaining attitude etc. For example, a mobile phone retailer could collect all the relevant information from their websites and apply google analytics or big data analytics to leverage insight.

Using google analytics built in reporting capabilities an individual can take real time better business decisions and can create a sales funnel showing various trends in the shopping user experience that ultimately leads to purchase. Various other types of analysis can be performed by tracking the user traffic, clicks on a particular page, high demand of the specific product, purchasing decision of customers.

Our experts at 3rd Eye Advisory® helps to make clients understand that big data is an opportunity in framing smarter business strategies. Social media is a powerful platform for marketing, understanding customer preferences and experience. Small companies need not worry about the data infrastructure of their information as they can leverage the ever increasing readymade analytics apps.There are some of the key aspects that small business expects from the big data solutions:

  • Simplicity: Easily deployable solution
  • Flexibility: Solutions with required capabilities
  • Easy to learn: Easily understandable solution to data analyst
  • Affordable cost: Right pricing for the required capabilities with licensing strategy

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Article by: Sushmita Rai, 3rd Eye Advisory®
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