10 Reasons to Use Big Data for a Small Business


Blog#6: 10 Reasons to Use Big Data for a Small Business
Name: Aileen 蔣慧玲
Student ID: D0726917
Source: https://medium.com/datadriveninvestor/10-reasons-to-use-big-data-for-a-small-business-70d2c91ab531

                A lot of people know about big data, but only some of them understand the right meaning of big data. People refers big data as a big volume, but the truth is big data is not only about volume but also about the method of its processing. Here are 10 reasons to use big data for a small business.

1. Big Data Will Handle Routine Tasks and Save Time
Activities while doing business requires a lot of time, for example, reviewing thousands of papers. Rather than reviewing papers manually, big data can help you finish the work automatically. Even though accuracy is not very high, but it is faster to help you find information. Just like that big data can improve small businesses to collect, structure, analyze and apply huge amounts of data rapidly.

2. Provide Valuable Customer Insights with Text Mining
Big data can also do text mining which provides you a good assistance and hypothesis making. Text mining is the science of turning unstructured text into structured data. Text mining can help small businesses to extract their website data to get specific details like customer insights, trends and patterns. This is a great way to help them make business decisions.

3. Help to Analyze Social Media Platforms
Big data provides small businesses the ability to analyze users on social networks. With the help of big data, you can send users individual offers, discounts, and promotions. Other than that, it is possible to search for negative comments in customer reviews on various social networks.

4. Keep Track of Your Customers
Using geolocation on mobile devices, small businesses can track users and give them content that corresponds to their location without violating privacy policies. By analyzing customers, small businesses can have a better allocation on their budget and have successful future.

5. Reducing Costs Tremendously for Your Organization
Big data can help setting up efficient manufacturing processes, with demand-driven production and optimum utilization of raw materials. Also big data offers a deeper insights into various cost heads, which allows small businesses to reduce costs.

6. Launch Effective Marketing Campaigns
Big data can help small businesses to analyze trends and help them design improved marketing strategies to secure a better Return On Investment (ROI).

7. Promote Quick Thinking
Big data can help small businesses access high quality details on time. This will make your site more attractive to users.

8. Utilize Business Intelligence
Big data can help your business to take care of key business decisions. Big data tools can help enhance the exactness and effectiveness of the processes in your business.

9. Improve Company Productivity
Cloud storage offers an access to centralized data and files which can help reduce cost, time, and money. Using this service, company productivity will be improved.

10. Perform Risk Analysis
Small businesses can now operate a lower scale than larger players in the industry. The risk connected to their business practices are now limited.

                To conclude, big data is an important tool that can help us make important decisions. The use of big data in your business will bring advantage and profit.

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