This guide provides an overview of big data as well as a list of eight big data solutions for small businesses.
Many conventional data processing methods can't handle big data because it's too complex, massive, or fast.
Big data will assist the business in resolving critical problems, strengthening its cybersecurity, and developing a comprehensive data and analytics strategy.
Some of today's most common big data solutions include SAS, Qualtrics, and Google Analytics.
This article is for company owners who want to use big data to improve their operations.
It's difficult to avoid all of the conversation about big data. Companies will better advertise to consumers, design and manufacture goods that meet specific demands, increase sales, streamline processes, predict more accurately, and also better manage inventory to keep costs in check if they have actionable data.
Can your business, however, afford to take advantage of it?
Small businesses require the same resources that larger firms do to succeed in today's market. Small companies, of course, lack the tools of a large company, such as data scientists, analysts, and researchers.
There are a number of ways for your small business to collect, evaluate, and make sense of the data it already has, as well as gain new knowledge to help level the playing field. To that end, we've compiled a list of eight big data solutions for small businesses – but first, brush up on the fundamentals and significance of big data.
What exactly is big data?
Big data is information that is too big or complex to be analyzed using conventional data processing methods. Consider the three V's of big data to better understand this definition:
Huge volumes of unstructured data, such as Twitter data feeds, can take up terabytes or petabytes of storage space. (By contrast, a Word document is usually just a few hundred kilobytes in size.)
If the use of the internet increases, companies obtain more data at once, necessitating increased processing power.
Consider the variety of file extensions in your database: MP4, DOC, HTML, and so on. Your data would be more varied as you see more extensions.
The benefits of big data in this business world
Businesses benefit from big data because it allows them to:
Discover the root causes of problems, flaws, and deficiencies in a timely manner.
Create coupons at the point of sale based on a customer's purchasing patterns in real time.
Recalculate an entire risk portfolio quickly.
Detect fraudulent or malicious cyberactivity until it has the worst possible consequences.
Your whole data and analytics strategy will be based on this information.
The following are eight big data solutions and how they operate.
There are some of the most well-known big data solutions today:
1. SAS (Statistical Analysis Software)
According to SAS, a pioneer in business analytics software and services since 1976, being a small business is no longer an impediment to receiving consumer and business intelligence.
SAS turns your data into insights that help you make better decisions and gain a new perspective on your business, whether you're a small, midsize, or large company.
2. Alteryx is the second choice.
It isn't necessary to be a rocket scientist to analyze complex business intelligence. Alteryx provides advanced data mining and analytics software that present data in an easy-to-understand format.
Alteryx blends internal data from your company with publicly accessible data to assist you in making informed business decisions. From the dashboard, you can build graphs, scenarios, and immersive graphics using these insights. It also has communication tools that allow for group discussions.
3. Kissmetrics is number three.
Do you want to improve your marketing ROI? Kissmetrics gives you the power to analyze, segment, and engage your customers based on their behavior.
You can develop, manage, and automate the delivery of single-shot emails and ongoing email campaigns based on customer activity with Kissmetrics.
Beyond opens and taps, the app assesses the effectiveness of campaigns. Kissmetrics for E-Commerce, a new product from the company, is designed to boost your Facebook and Instagram ROI, lower cart abandonment rates, and encourage repeat purchases.
4.InsightSquared is the fourth company on the list.
You won't have to waste time digging your own data and painstakingly analyzing it with spreadsheet after spreadsheet with InsightSquared. Instead, InsightSquared integrates with common business tools you're probably already using, such as Salesforce, QuickBooks, Google Analytics, and Zendesk, to collect data and extract actionable information automatically.
InsightSquared, for example, can provide a wealth of sales information, including sales and pipeline forecasting, lead generation and tracking, profitability analysis, and activity monitoring, using data from CRM software. It can also assist you in identifying trends, as well as strengths and disadvantages, as well as wins and losses for your sales team.
5 Google Analytics
To start collecting data, you don't need any fancy, costly tools. It can begin with a resource you already possess: your website. Small businesses can use Google Analytics, Google's free digital analytics platform, to evaluate website data from all touchpoints in one location.
You can use Google Analytics to extract long-term data to discover patterns and other useful knowledge so you can make informed decisions based on data.
For example, you can make better decisions to achieve your website's goals by monitoring and evaluating visitor conduct, such as where traffic comes from, how audiences interact, and how long.
6 IBM Cognos Analytics is number six on the list.
Unlike several big data tools, which are designed for highly skilled data scientists and analysts, IBM's Cognos Analytics allows advanced and predictive market analytics available to small businesses.
The platform does not require any experience with complex data mining and analysis systems; instead, it automates the operation. This self-service analytics system provides a suite of data access, refining, and warehousing facilities, allowing you to plan and present data in a clear and actionable manner to help you make better decisions.
7. Tranzlogic is number seven
It's no secret that credit card purchases contain a wealth of information. While access to this information was previously restricted to large corporations, customer intelligence firm Tranzlogic now makes it accessible to small businesses with limited capital.
Tranzlogic extracts and analyzes proprietary data from credit card transactions in collaboration with retailers and payment systems. This data can be used to monitor sales, analyze consumers and customer groups, optimize promotions and loyalty programs, launch more efficient marketing strategies, write better business plans, and a variety of other tasks that lead to wise business decisions.
8. Qualtrics (number 8)
If you don't have any good data sources right now, research may be the way to go. Qualtrics enables you to perform a wide range of studies and surveys in order to gather valuable data for data-driven decisions.
In addition, Qualtrics recently introduced Qualtrics Experience Management (Qualtrics XM), a collection of four applications that help you improve and manage the interactions your company delivers to all stakeholders, including clients, staff, prospects, consumers, partners, suppliers, people, students, and investors.
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