Big Data is getting bigger and better each day, and every industry is trying to incorporate it in their processes. To let you understand the meaning and necessity of big data for SMBs/SMEs, here is some research and its explanation.
Let us go first with Big Data Definition
So, what is big data? Big data is a collection of extensive information via all the sources (online & offline), which is non-processable by the traditional methods. The sources can be anything ranging from a document to social media to data from IoT sensors.
From this definition, you could figure out that the information, which offers detailed insights about the marketing campaigns, financial status, & customers. We will now consider, what Big Data implies in small and medium enterprises/businesses.
How big data matters for SMEs/SMBs?
Big data shouldn’t have to be an unnerving challenge for small and mid-sized enterprises/businesses (SMEs/SMBs). There is no size limit for the businesses to access, store, and explore the big data. A humongous amount of data is continuously pounding via the web, streaming video and audio files, social media, data sensors, and what not? Due to these factors the velocity, volume, and variety of the data structure are rapidly changing. So what does this indicate? This scenario suggests that SMBs/SMEs can find out new opportunities from the insights and hit the jackpot and encash the value.
The big data needs to be harnessed, and it is beyond the capability of traditional databases to store, handle, and process all the data in real-time. Here we need ML (Machine Learning), AI (Artificial Intelligence), and IoT (Internet of Things).
If SMBs/SMEs can manage big data in a better way, then it can help in revealing lots of business patterns, data-focused insights, and correlations. Further, the SMBs/SMEs can get almost real-time analysis which shall be predictive and prescriptive.
The analytics shall be helpful in the decision-making process for the near future. This planning shall prove beneficial to SMBs/SMEs as they can compete with same-sized companies or even with the larger ones. And, this scenario is approaching way faster than you think. Although, challenges are everywhere and SMBs/SMEs also face many big data challenges; but, there is also a solution, that can assist in fighting them off.
Three Challenges of SMBs/SMEs for Unlocking the Big Data
1. Low Performance
The data from legacy systems is a main problem for the SMBs/SMEs. The slow access to data and time-eating queries from the older systems becomes a significant constraint for all SMEs/SMBs.
If organisations don’t get much of the data due to a limit of time, then there is a risk as incomplete data is of no use. The highest unit of data measure has reached up to Yottabyte, and if they don’t have proper ways to extract such an enormous amount of data, then it will cause a non-repairable loss.
2. Lack of Skill
There is a lack of IT-specialized staff in a lot of sectors and many SMBs/SMEs face this difficulty too as building a data warehouse becomes a tedious task. Obtaining, organising, and handling the software, hardware, and databases is a frightening task.
Without proper human assets, companies waste time and money in fine-tuning the systems. Those SMBs/SMEs perform well in the markets which reduce the distance between procurement and production.
3. State-of-the-Art Infrastructure at Low cost
Creating space, design, power, and cooling at a low price in the data centre remains a significant challenge.
So, it is a primary challenge for SMBs to leverage the available assets for making data centre. Also, the green data centre is the necessity in today’s era because the emitting the lowest possible amount of carbon footprint is essential for our environment.
These were the challenges, which SMBs/SMEs need to overcome to harvest the profits from big data.
After the challenges, let us check out the role of big data in your business.
Benefits of Big Data in Business
1. Driving Better Decisions
Big data can help SMBs/SMEs drive better decisions. With perfect big data solutions around, you can get in-depth analysis and hence, the results.
You can get analytics about your website like
- What do people want from your website?
- Number of visitors on your website
- The area of your visitors
- From where you are getting the traffic?
- What people like the most?
- Which pages are generating less traffic and which are generating more?
- Besides this, you are also getting vital demographics regarding your customers which can be very helpful when encashed properly and drive better decisions.
2. Stronger Bonds with Customers
As businesses start making better decisions due to understanding customer interests, they can create stronger bonds with customers based on the stats. The tools can give businesses varied analytics that helps them in engaging customers and gravitating towards their brands. You can create customer-specific personalised offers and extra-effective campaigns. Thus, customer relationships can improve and create significant value for businesses.
3. Deeper Insights
The insights from big data get deeper, and they help SMBs/SMEs to have a clear viewpoint about their businesses.
This information leads to reductions in time and cost while improvement in efficacy and in customer service. Companies can conduct various surveys and study profitable insights regarding their brands, customers, employees, and product on a single platform. Such insights again help in up-selling and cross-selling the products and services, thus, generating higher revenues.
Concluding, we can say that there are various advantages of big data in businesses, be it SMBs/ SMEs or large-scaled ones. Doing enterprises are becoming more and more customer-centric, so engaging them, giving them offers, and treating them on a personal level is essential.
Incorporating big data techniques and analysis in your daily business life is ultra-essential if you take over the rivals. Choose a wise big data solution for your business, now!