Why Small Business Leaders Need to Understand Big Data
Big data has been around for quite some time, but only recently have the tools become available to transform data into knowledge that can be used in every part of the business. Many small business owners are not taking advantage of big data because they feel that they lack the resources and technical expertise. However, this is no longer the case and it is time for small business owners to receive the same benefits as larger corporations by using big data to move their business forward.
Every Part of a Business Benefits
Every part of the business can benefit from using big data from the marketing department to the human resources department. Marketers need to understand big data to help them fine-tune their efforts to the precise target market for their products. Human resources can use big data to help find perfect candidates for their openings.
Tapping Bigger Markets
In a recent survey of small business, nearly 77 percent indicated that they do not use big data as part of their strategic planning. Big data is about speed and quality of information, more so than about quantity. Small businesses that ask the right questions can use this information to predict future trends and make decisions to get ahead of their competition. Big data can help understand why your customers do not buy from you 100% of the time or see trends that would remain hidden if it were not for big data.
Big Data is the Future
As the exabytes of information continue to grow, learning how to harness them is both the greatest challenge and opportunity for small business growth. Schools like University of Maryland’s School of Business now recommend that MBA students focus their degrees on big data because it’s the future of decision-making with an understanding of analytics being key to future business growth. Technology is also becoming more dependent on big data in its ability to predict future trends and to provide a snapshot of current ones.
The ability to take advantage of big data means hiring the right people with the right expertise and obtaining the right technology. There are many advances in this area, and the technology is becoming more affordable and available to small businesses. In the future, small businesses who can take advantage of big data will see the same benefits that were once only afforded their larger corporate counterparts.
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