The importance of Big Data is increasing in every passing day. Each and every organization wanted to implement the insight of big data to their business. It is not only applicable to large size of organizations but also for small and medium size companies are also expected to leverage big data for their business to propel growth.
A response from a recent Nielsen poll of 2,000 small businesses in the U.S.A, 41 percent think conducting market research is too costly, and 42 percent say they just don’t have the time. And even more surprisingly, 35 percent went so far as to say they’ve never even considered it.
Research shows that, the companies that have the best data and ability convert them for decision making is likely to win the battle. In other words, big data will play a key role in deciding the winner.
There are many rumours about the usage of Big Data to small and medium size companies i.e. Big Data is not applicable for small and medium size companies, cost of leveraging big data is too high and many more. The fact is that Big data is equally important for big as well as small companies. The cost of leveraging big data is not too high.
Let us discuss some area in small companies where big data insights can be implemented:
Information about customer insights: – By leveraging big data, you may know more hidden insights about the customers’ requirements. As big data brings a lot of information about the customer choice, you may provide your products to the customer according to their current and potential needs. Especially retail sector is using this concept in their business than other sectors and results are visible in our daily shopping experience. And today’s business, it is totally dependent on customer satisfaction – all about customer experience management and ensure collect data at each customer touch point and convert them to informed decision making. This can make customer feel special and delighted.
Better product / service offerings: – Either you have a small company or big company; you must know about your product and customer’s requirement and match of both. If you are offering a high quality product but it’s not according to the customers need; then it will give you zero value. So, to know about the customers need is the first step towards offering any product and for this purpose use of big data can tell you a great story.
Continuous improvement: – Once your product came to market then you need information about that product from customers i.e. feedback. You could only work on the same product again if feedback are positive otherwise you need to revise your plan and product. Big data help you in this purpose to find information as feedback from different sources.
Value chain optimization: – Customers requirement, their preferences, demand forecasting, source of raw materials, processing, supply chain management, vendor management, sales and marketing, human resource support, etc. all these make an eco-system for a company. To be precise, companies having capability to capture data for the entire value chain and leverage them for decision making can improve the way it runs. Big data can better help you to collect these data points and can transform the way to minimize cost and maximize the efficiency of the value chain.
Marketing: – Almost every big company’s decisions are data driven. Strategic plans or especially marketing plan is drafted on the basis of information obtained after leveraging big data and advanced analytics. Data driven decision are more powerful and economic rather than that decision which has taken without it. This can be also applied in small smart companies and definitely help keeping your business in front line.
In summary, companies – small, medium or big do not think a lot about their cost and own capability of big data; just get into it. In upcoming years, big data to be an important tool for survival and growth of any company.