Small Business Missing Out on Big Data Benefits

Big data has been described by companies as an opportunity to increase profits, and use the information gained to improve the customer experience. However, the way companies are using data to make predictions is actually far from ideal as the latest reports show that only 29% of companies are using big data to make predictions.

Big data and its application

Big data is one of the solutions that will change the future of business. Companies analyse the consumer data they have available at their fingertips and draw important conclusions to make decisions, develop strategies and change their future plans, design their products based on what consumers tell them to do, and based on the analysis of data, they establish how to reach consumers on that basis.

But yet, despite the importance given by business managers to this technology, small Business are missing out on Big Data benefits, and only 29% of companies has been preparing for predictive analysis or improve their business operations, although respondents generally believe that big data is important in making business decisions.

For now, big data is lagging especially in more technical aspects. Small Business are missing out on big data benefits, According to the latest reports, 65% of companies are using big data for equipment control and monitor possible operational problems (making it a pre-warning system for technology failures) and a 62% used to collect large amounts of scattered data, which come from various and very different sources.

This situation, according to which different studies have been concluded over the years, is still somewhat risky. The potential of big data goes beyond simple sneak tech serve. Few technological areas have much potential to improve the financial position, and the position of a global trading company with predictive analytics.

The applications of big data are indeed varied. They can serve to really know the consumers, and definitely big data has a crucial role in retaining customers and helps enhancing the customer experience.

Big Data Research Figures

The starting position painting these reports does not imply that small businesses are not interested in big data, though not all companies and businesses are prepared for it. A recent study noted that 73% of companies plan to present or jump into big data in the immediate future too. Big data can make a big difference. 66% are convinced that their company could lose market positions within three years if not adopted a strategy of big data and thus this technology is not incorporated into their company. In fact, 88% – a figure even higher – of the executives surveyed said that big data is a top priority in their agenda. These percentages, 93% are already detecting new competitors in the market, who are using big data to be different to offer competition.

Why use big data? Research also allows for a first approximation of what businesses expect from big data. 49% of respondents indicate that their companies want big data to help them create new business opportunities (and thus new revenue). 60% are convinced that they will get to improve their economic performance, through improved management of the company using the findings yielding the data analysis.

These forecasts are very much in line with what companies have waited from big data and its application. The increase in profits, resource utilisation and customer experience are the usual points of improvement that are put forward when discussing the benefits of big data.

This article originally appeared on Marquetingquery and has been republished with permission.

Small Business Missing Out on Big Data Benefits