Big Data for small business
- 1. How can Big Data help Small Businesses?
- 2. Introduction • Big data has been the most talked about emerging technology in recent times. • However, for SMBs, the question is, does the cost and effort justify the value to be derived from data? • Big data analytics for small business provides deep insights that complement human judgement. • Forrester describes the power of big data for small business as “a major disruption in the business intelligence and data management landscape.”
- 3. Success stories of benefiting Big Data for small business 1. Point defiance zoo & Aquarium Tacoma, Washington • Unable to plan daily staffing commensurate with attendance. • Major source of income was through attendance, which was highly dependent on weather. • By parsing historical data, and analysing it against decades of local weather data, they found some predictable intelligence. • This helped them to fine-tune their plans regarding staffing and promotional activities. 2. A lease-management company in North Carolina • Manages nearly 1,000 rental properties in the outer banks, • Unable to accurately predict profitability for homeowners through tourist rentals. • Management found it impossible to analyse the data that they had amassed over the years. • The company opted for a business analytics tool, which distilled the data and simplified the available information.
- 4. Big Data Solution • Based on the data analytics, the company could share vital information with its guests. • They could now make rental-pricing recommendations to owners based on seasonal trends and so forth. • The business has grown by over 10 percent and costs reduced by 15 percent in the last three years. • Big data analytics for small business also helped this company to identify invoice- processing errors, and overall it saved $50,000, annually.
- 5. Conclusion What are you waiting for? • Small and medium-sized businesses have a history of leading the change in adopting emerging technologies. • Big data for small business helps small organizations to watch and learn about their customers and their preferences. • For retaining customers and acquiring new ones, for up selling and cross-selling, for streamlined processes, which lead to operational efficiency, big data has a hoard of benefits that simply cannot be ignored!