Data is a highly valued resource in the present world and is developing in volume more than ever. Organizations across the industry, from multinationals to small and medium enterprises (SMEs), are exploring paths to harness and exploit data. The utilization of big data technology is changing the way organizations across industries function. Big Data is not only for just big organizations with bigger budgets. Today, small businesses, as well, can receive the rewards of the enormous volumes of online and offline data to make incisive, data-driven decisions to develop their organizations.
The data availability and enhanced analytics revolution are opening doors for new organizations and existing SMEs to discover better approaches to tackle the power of the developing collection of digital data. These opportunities created by capturing and breaking down data are creating new organizations consistently. The ability of data not only applies to new businesses but also to existing business models across industries. The utilization of digital information and analytical tools empowers SMEs to broaden their products and services and add to create new ones.
Big Data Analytics for Retail Sector
Big Data Analytics can transform a business from two directions. To begin with, you make smart businesses by utilizing the system to inspect your current plan of action and use the insight to enhance the way you do business. Furthermore, it is likely that data will, in the end, change your plan of action or lead to diversification. Customer satisfaction is a primary objective for SMEs since a happy client implies repeat business. Consumer loyalty goes hand in hand with the general aim of utilizing data to enhance business productivity and subsequently profitability. A company is doing well if it can manage a client’s demand rapidly and productively, compared with asking that the clients repeat their inquiry or question each time they make contact.
In most cases, SMEs are under severe pressure to prove their determination against corporate giants. Large organizations are geared toward technological structures and operational abilities. They utilize these abilities to tackle significant bits of knowledge from data with analytics. Then again, SMEs are restricted by constraints, for example, scale, storage, capital, and security. Moreover, they have a long-term effect, particularly when technology is developing at a quick pace. In other words, staying aware of progress in regard to these constraints ends up being difficult.
The investment in big data analytics is worth the risk. It enables organizations to touch base at decisions faster, decide on price variations, and analyze markets. In addition, it helps to oversee campaigns and derive other industry advantages. Client profiling is another vital part of sales and advertising, and big data analytics can affect sales significantly. It offers an in-depth study of client behavior, which, enables organizations to upgrade product designs, includes features, and develop new items.
Technological Advancements in SMEs
Although small companies can receive the rewards of advancing data streams to settle on data-driven decisions and boost business prospects, not every prominent data analytics implementation converts into success. Numerous organizations fail to effectively and successfully execute big data solutions to harness their actual potential. Different reasons and approaches can reportedly cause these failures. Be that as it may, a carefully woven proactive approach can spare them the fiasco. In this manner, the need to consider the correct method for deploying big data solutions emerges.
When you recognize what kind of data is accessible and have access to that data, you have to apply analytics to extract useful insights from it that can help you, to answer the necessary inquiries. SMEs should see the potential of Big Data for better decision-making and policy creation in markets and business models, and start to explore the opportunities. Big Data Value represents an extraordinarily strategic and profitable opportunity for SMEs.
Written By: Rajiv Prasad
CIO – Xpandretail