A Guest Post by Mohit Sharma
Wondering about big data analytics, Big data is a strategy that treats ways to analyze, methodically extract information from numerous sources and the collected data are too large or complex. It includes the data that goes far beyond the processing capacity of the conventional database system.
The popular definition of big data given by Gartner in circa 2001 “Big data is high-volume, high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation”. According to Gartner Big data’s definition is divided into 3 parts of “V”, which includes volume, variety, velocity. Gartner in his tweet hinted that “big data” will be the new usual in the actual predictable upcoming time. Let’s check what 3v is consist of.
- The volume of data being stored and used by the business.
- Variety of data being generated by the business.
- Velocity speed, in which that data was being created and updated by the business.
According to john smith, CEO of remote DBA “Small businesses have the same amount of access to big data as large enterprises. There is no reason why big data cannot be leveraged for small business”. Big data brings a lot of opportunities for small businesses if accessed properly. Big data analytics is influencing the world like never imagined. Big data are a set of large complex data and how small businesses collect it, store it, search it, analyze it and use it affects the decision making.
Big data analytics – Big data analytics is the process of where software is used to find out trends, patterns, correlations, or other useful insights from a useful set of complex data. Data analytics is not a new term and used by businesses in the form of data mining and business intelligence software. The software keeps getting updated and it has enhanced vividly to handle highly complex data volumes, track queries more rapidly and perform further advanced procedures. Throughout this article, we will learn about the top 5 Big Data Analytics Trends that are followed by Small Businesses.
How data analytic is supportive for Small business
Big data analytic tools can influence data and change it to actionable vision and help in making an accurate decision at the correct time. Small business is oversupplied with big data about their client, prospect, inner business process, competitors. Thus, the real difficulty arises in how to use this big flood of data into a real and correct set of information. Business intelligence tools are proven as a helpful tool for small businesses. In this scenario it allows business individuals to convert data into information that will support them in understating the wellbeing of the business.
Top 5 Big Data Analytics Trends for Small Businesses
As businesses remain to collect data from numerous networks such as online, mobile, offline, they require a robust instrument to analyze the data and influence the perceptions for improving their processes. They can also analyze their CRM to identify fresher opportunities. Small businesses can correspondingly apply big data analysis to screen & analyze data collected from numerous applications or software that is in use. Small businesses can apply big data analytics to their social media platforms to sieve signals for marketing & sales teams. Outstanding opportunity for small businesses to integrate all of their data in a single place. It scales and analyses it to get actual operational visions that can support them in making knowledgeable, strategic decisions. Hereunder we have listed the top 5 big data analytic trends for small businesses, have a look.
- Business process optimization – Big data tends to be supportive of the proper optimization of the business process. The project manager sets the significance and system of measurement for the projects and establishes the project roadmap for desired project execution. Project roadmap can simply be organized and outcome in a faster process and cost declines. Retail companies get to benefit from big data technology by improving their storeroom procedures. Maintenance of stock-keeping as per the data reports improves supply chain consequently products are to be kept in the warehouse according to generated demands. The delivery tracking is also improved with big data GPS and sensors for tracking goods. The vehicle’s direction is also improved by integrating live traffic information and the direct less distance supports them accomplish this.
- Trend recognition – With big data analytics small businesses are getting prior information of what is trending and can easily handle project management. Machine learning is closely relating to the field of data mining, which abstracts data and trends from huge datasets. Trends allow businesses to forecast in which direction their business is moving, demand of the product, consumer preference. Social media-related data also helps businesses in getting prior information of what is trending nowadays. Several businesses are analyzing commercial trends linked to their business with the help of using big data analytics.
- Understand audience – Big data analytics effectively show the visitor behavior concerning a company’s website. By studying audience behavior, the company can distinguish how much time visitors devote to exact pages of the merchant’s website. The company can easily determine the pages of an online site that need roughly work, pages that are acting well, for which extension should be well-thought-out.
Small businesses will get accurate information of customer’s buying habits with a better understanding of viewers such as what makes them satisfied, buying behaviors, buying trends, the reason for the switch. Google analytics has proven helpful in getting information about what consumers are looking for and the importance of project management. According to internet live stats, “40,000 search queries are performed every second on Google”. Sales data, client service logs, product evaluations, client feedback, social media presence are such data used to find out accurate market performance. Customization and engagement are proven beneficial for small businesses.
- Revenue generation – Income generation turns out to be a piece of cake with big data analytics because it is the best thing since sliced bread for small businesses. With proper project execution, small businesses deprived of any hurdles can analyze the page views, conversions, traffic, etc. free of cost. The customized solution increases the satisfaction and experience of customers therefore customer loyalty will generate income.
According to Statista “Yearly revenue from the worldwide big data market reached $42 billion in 2018”. According to Forbes “Companies that harness big data’s full power could increase their operating margins by up to 60%”.
- Technological requirement – Big data analytics offers the best innovative and continuous updating technology to sort out the issue and brings out the benefit. Technology offers advantageous tools for small businesses that benefit in making them ahead of the competition with support for project execution. A business can effectively control its KPI (key performance indicators). KPI comprises the sum of generated leads, income received, and online sales. Employing this significant information, the business can find out and see crystal clear all that jazz is working or not.
So far so good the benefits of using big data Analytics are frequent and solid. Big data is constantly changing small businesses that keep it up with various trends and consequently, it will bring amplifying results to the business.