Do you know how much data is currently produced globally every year?
As per the reports published by IBM, the figures are 2.5 QB (Quintillion Bytes). The numeric representation of the same looks as: 2,500,000,000,000,000,000. And we thought that our mobile devices with 64GB memory space are capable of storing huge data.
As technology is expanding at the speed next to light, more companies are planning to invest in Big Data platforms for getting the best out of it. Gartner Inc. had conducted a research recently among 437 global organisations across different industries and figured out that more than 75% of them are looking forward to the benefits they can derive from Big Data. The purpose for using Big Data varied to some instance across these organisations, however most of the companies were found to use data analytics for enhancing their customer service segments. Recently, security breach has hit the headline more often than global warming and that has been a factor of worry for many data driven companies. Thus, they are opting for Big Data tools in order to strengthen their online security.
Are you thinking that Big Data is a game of the Fortune 500 companies? To some extent, you are right, since these large corporations have adequate resources to promote extensive research and they have the fund to hire large numbers of data scientists who will help them cross the finish line. But if you think that Big Data is a game ONLY for large companies, then we are afraid, you are WRONG.
As globalisation has transformed the world economy into a more open marketplace, no business is limited to its demographics as far as its operations are concerned. It does not matter if you are a software developer based in Gurgaon or a digital marketer from Pune, as long as the internet is available, the sky is the limit for your growth. Across the world, small business owners are recognising the benefits of using Big Data for expanding their business operations and overall development of their brand.
Nevertheless, it is essential that you understand the basics of the science of Data analysis, which has transformed into an art itself that can help an organisation to flourish. And once you are a trained professional, you must look into specific fields for improving your business. Keep in mind, what the bigger corporations practice depends on their size and business goals. A small business has different objectives and thus it needs to follow different practices to yield maximum benefit from the groundbreaking technology.
But how can an owner of a small business can use Big Data analytics to his or her benefit? We answer all your queries in the following section of the article. Stay tuned.
In previous environments, business owners had to collect market information relevant to their business, themselves. That consumed many hours of the day and it often took months to gather relevant data. Currently, many small businesses are using analytic tools to figure out where there customers are, which enable them to reach out to their target audience without spending huge amounts of money. In short, you can take sophisticated steps towards building an organisation that can compete with bigger names. Prepare a list of questions you need answers to, for better management of your company. Your analytics tool will dig deep to find answers that no person can himself generate.
Getting a Big Data certification is a one-time investment that will yield maximum returns over the next millennium or more. Using data analysis techniques is a sure-fire way to increase your revenue as you are exposed to humongous sets of data. All you need to do is connect the dots to see the bigger picture that will enable you to figure out different lanes of business expansion and growth. Imagine you are sitting in your garden on a sunny morning and receiving valuable information from across the globe, which can be used for scoring more business deals. Isn’t it a money saver?
We live in an era where change is the only constant entity. Therefore, you better keep changing your business strategy for tapping the potential growth. It is likely that you have competitors, who are using the same strategies as you do in order to reach out to their customers. You can stay a step ahead by figuring out the latest trends in your sector so that you can supply what your consumer demands rather than following the same old rules.
One of the most important features of digital marketing is that you can get instant results and more importantly, you can track the results of the same. With proper analytics tools, you are likely to figure out what is working for you (given that you will be trained accordingly) and what you should get rid of, which eventually allows you to prepare a customised marketing plan; that is not possible in any other medium.
Customers are the sole foundation on which a successful organisation is built. The priority of every business owner should be to cater to the needs of its customers. However, it was an extremely hard process to follow for small enterprises during the previous years. But the good news is, the development of Big Data has opened up new corridors of customer relationship. The growth of social media and smart phones has allowed business entities to stay connected with their clients 24X7X365. Business owners can use Big Data tools for understanding customer behaviour and at the same time meet their requirements without reaching to them physically, which saves both time and money and at the same time, it builds customer trust that is more valuable from a business point of view.
Are you excited enough to take charge of your business? In that case, we wish you all the best. But remember, it needs dedication to master the art of data analysis. And Rome was not built in a day.
Interested in a career in Data Analyst?
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