Big data is one of the most trending topics today, and it is really hard not to talk about it at all. Pamela Oldham, a Business News Daily Contributing Writer shares how this technology has become one of the most trending and powerful tools to win over the customers.
Businesses are armed with the smartest technologies today and can make the best use of it to develop and market products and services that meet the customer’s needs perfectly. However, the question arises, does the small comp anise makes the best use of the technology as the bigger ones can make when they have limited funds and resources?
Of course, the small companies do not have the tools that the bigger ones have, still, there are many ways small and medium companies can use to make the perfect sense from the data that you already have in hand.
Here we have gathered some of the most innovative data solutions for the businesses. But first, let us understand what Big Data is.
Big Data Defined
When the collected information is too large or complicated to be dealt with the traditional data processing methods, it is known as Big Data. Most of this data is present in an unstructured format and can occupy memory space in large amounts, sometimes up to terabytes or petabytes. All this data needs tremendous processing capacity. Also, there are several file formats that need to be processed, such as MP4, HTML, and DOC. All these factors make it difficult for the traditional database systems to process.
Why is Big Data Valuable?
Big Data is highly useful to quickly uncover causes behind the issues, defects and failures. It is also best to instantly creates coupons at the point of sale based on the buying habit of the customers. It contributes to rapidly recalculate the entire risk portfolio. Business can also identify fraudulent or malicious cyber activity before facing an adverse event of a loss.
So, small and medium-sized businesses can use some of the big data solutions and tools to accelerate their business.
Kissmetrices observes the behaviour of your customers and enables you to understand, segment, and engage your customers. The tool allows you to create, manage and automate the delivery of single shot emails, as well as the ongoing email campaigns. The application allows you to measure campaign impact beyond opens and links.
Kissmetrics is also available for eCommerce, which will help you to rise your Facebook and Instagram ROI. It will help you to reduce cart abandonment rates and drive additional and repeated purchases. The tool also allows you to access web-based training and educational resources with the view of improving your marketing campaigns.
SAS is a leader in business analytics, software, and services. The platform cuts down all the obstacles to obtain market and business intelligence. The application transforms the business data into actionable insights that are helpful in the decision-making process for the business.
The application provides easy to use analytics, data mining features, and automated forecasting to help drive business without bearing a loss of resources. All these tools and analytics helps small and medium-sized businesses to overcome challenges and compete in the market.
The tool gives valuable insights using complex business intelligence methods. These complicated tasks are made simple by the advanced data mining and analytics tools presenting information in a simple and easy to use way.
The platform combines your internal business data with the information which is available on the public platform and helps you to make better and informed business decisions. Its dashboard allows you to create graphs, visuals, and storylines. Its collaboration features allow you to initiate and participate in discussions.
You can also collect department-specific data that is relevant to sales, operations, and marketing, as well as customer analysis. Alteryx covers a wide variety of industries including food and beverage, retail, as well as entertainment. You can even generate insights from areas such as financial services, consumer packaged goods, healthcare, and pharmaceuticals.
Get started with business analytics right from your own website. This free digital analytics tool from Google enables you to start your business analysis right from your own collected data. The tool allows you to extract long term dataso that you can easily reveal trendsandother valuable information so thatyou can make wise data-driven decisions.
IBM Cognos Analytics
The application is ideal to be used for small and medium-sized businesses. Its advanced and predictive business analytics are capable of providing business insights to its users. In fact, users do not require to learn complex data mining. Instead, the tool automates the entire process for you.
Unlike the other data mining and analysis systems, IBM Cognos can unify all your data analysis into a single platform. The tool can be used for all types of data analysis, such as finances, human resources, marketing, and sales.
Apart from these mentioned tools and applications, there are several other tools that can be used by small and medium-sized businesses. Thus, a small and medium-sized business must analyse each of them and make a decision as to which suits their business best.
Source – Business News Daily