Small to medium-sized enterprises (SMEs) can get an edge over their competitors if they know how to use technology to their advantage. According to Analytics India, SMEs are using big data to scale up their infrastructure capabilities and drive insights from the data collected. Big data deployment among SMEs has even reached 43% compound annual growth rate (CAGR) in 2017.
What Is Big Data?
Before you learn how to take advantage of big data technology, it’s important to understand what big data is. In a nutshell, big data is a type of technology that involves handling data that is huge and diverse. The reason why regular platforms cannot take big data is that it changes too fast and is too big to monitor. This is why tech companies such asNIX-Solutions provide tools and create platforms that can handle and manage it. Effective platforms can handle the volume, the speed, and diversity of the data.
How Can Small Businesses Use Big Data?
There are several ways small to medium-sized enterprises (SMEs) can make use of big data. Here are different areas where it will be useful:
- Customer Analysis
First of all, big data can help with customer analysis. With the range of data available to you, you can get a better picture of your target market. You can see not only theirdemographics but also their buying patterns. You may also analyze customer feedback through social media with this type of technology.
- Identifying Trends
With big data, you can spot the behavioral patterns and trends in your industry. You can check the overall demand for your product and the factors that make the demand change. With these pieces of information, you can make a more comprehensive forecast for your report.
In order to recruit the best talents for your company, you’ll need a lot of data. Through background checks, you can see records of possible candidates with their productivity data. This will tell you if certain applicants are suitable for your company or not. Big data can provide you with a wealth of great HR-related information for recruitment.
- Competitor Analysis
Lastly, it can help you with competitor analysis. These days, you can find whatever you need to know about your competitor by just accessing data on them. A lot of tools can provide you with the means to look through some analytics of your competitors. Of course, this also means that competitors have the means to look at your data.
With big data readily, it’s possible for you to grow your business without huge manpower. All you need is a wealthy pool of information and the skill to manipulate them. In the end, retailers who know how to use big data will be able to increase their operating margins by 60%.
If you want to know how you can use big data in your business, contact a Nix Solution expert: