How Can Big Data Help SMEs Grow?

Big Data is changing everything all around the world. Different kinds of companies in different sectors are using big data to make informed decisions and to understand their clients better. However, SMEs around the world think that Big Data is not for them and that they just need to stick to what they have been doing for a while. They don’t know that this is the perfect recipe for a disaster.

Starting to connect and analyze all of their data is crucial to boost a company’s growth and push it to new heights. Big Data allows you to make better decisions based on an in-depth analysis of what’s happening in your company.

Big Data is not related to the size of the company, it is more related to how we use the data we have to increase the performance of our company. Nowadays data is not only to grow but also to survive, companies who don’t pay attention to data will disappear soon. We live in a society that it’s constantly connected. Clients value speed and when they buy something online they want it as fast as possible.

Also, e-commerce has stepped in, and now we have two different profiles when it comes to buyers: we have online and offline buyers. Each one of them has its own set of properties and statistics… or data. So, if you want to increase your sales, it is imperative to start taking advantage of data.

Enter Big Data

When we look at what Big Data is, we can see that it refers to the huge amount of information that is generated in real-time, and that huge amount of information requires to be processed. Big Data employs new techniques for analyzing this amount of data to extract as much information as possible, make informed decisions, and improve the growth and performance of the company. Big Data techniques allow us to analyze data in real-time as well. If you are a data freak, this is an amazing time to be alive.

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Why are SMEs Neglecting Big Data?

Big Data is a riddle for many SMEs because they think they don’t generate as much information, to justify the use of some form of Big Data techniques. But the truth is that Big Data can be really helpful to small and medium companies.

How Can Big Data Help SMEs?

There are many different things that Big Data can use for SMEs. Let’s see some of the things Big Data can do for your company.

One of the first things is that they can allow you to know the profile of the clients of your company. They can be helpful to make your custom client persona, and know the ins and outs of your audience.

Big Data can also help you optimize your processes and improve the efficiency of your company. Because when you connect your data, you can strengthen the interoperability of the different departments and this will allow them to work together towards a common objective.

When it comes to resources, we can set the resources more efficiently because we know how things work and what exactly we need for every part of the process. If we fail to analyze the state of our process, we will be constantly wasting resources, and when it comes to small and medium companies, wasting resources is a big no-no.

Another key point of analyzing your data in-depth is the big vision it gives of the business. Having real-time data that can also be processed in real-time allows us to make the best decisions to impact our business positively.

Audience segmentation is another part where big data can be helpful for SMEs. Not all people have the same preferences. So, if you have a lot of demographic information you can use big data to customize sales for clients to maximize the possibilities of success.

You can also design personalized campaigns, as a consequence of the previous point, the more segmented your customers are, the more possibilities there are to personalize and fine-tune the sale.

Big data allows you to analyze customer behaviour. Therefore, you can know how customers react to promotions, how they behave at the time of purchase, how they interact with the campaigns you launch, and many other things.

Checking all of this, we can see that Big Data is not about the size of the company, instead, it is about the fact that you need to use data smartly. Doing so will boost your performance and will set your company on the path to the next level.

 

If you require help with adopting the latest technologies in your business, Sanmark is always here for you. Contact us to get started today.

 

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