Big data provides companies of all sizes with insightful information that can be efficiently used for marketing, designing, and manufacturing products that meet specific needs, increasing revenue, simplifying operations, inventory management, and accurate forecasting.
Big data can help enterprise's data analysis business. Even for small businesses with tight budgets and a small number of employees, some big data tools and solutions can meet their needs and goals.
Big data provides companies of all sizes with insightful information that can be efficiently used for marketing, designing, and manufacturing products that meet specific needs, increasing revenue, simplifying operations, inventory management, and accurate forecasting.
The following will understand how small businesses use big data to succeed in today's market competition:
1 Improve employee efficiency
Employees of enterprises generate large amounts of data for conducting business everyday. Using cloud-based time tracking tools, companies can obtain accurate reports on the time employees spend on daily tasks (such as meetings, breaks, and projects). This helps pay close attention to their work efficiency.
If it is noticed that employees need more time to complete a specific task than necessary, resource management software can help managers allocate tasks according to employees' abilities, and will not allocate too much or too little work in the schedule. This helps to improve work efficiency.
2. Strengthen project management
In order for the project to achieve results, resources such as labor, equipment, and facilities should be fully managed to effectively complete tasks in accordance with budget and schedule. It needs to allocate and schedule resources based on availability, capacity, workload, and project scope.
Effective resource scheduling helps companies avoid employee work ability and resource availability issues by achieving better organization, intelligent task allocation, real-time data analysis and planning.
3. Monitor competitors
Big data technology allows companies to view their dynamics without relying on snooping on competitors' websites and marketing activities. With readily available data, companies can quickly understand the situation of competitors.
Using social media analysis tools and Google Trends, you can determine the popularity of competitors’ products, services, or brands. Then, you can use the collected information to compare in various aspects, or understand what can be improved in order to maintain a leading position in the market competition.
In addition, following competitors can also track their business and what they are doing. And keeping pace with the latest big data technology can help companies cleverly beat their competitors.
4. Understand the interests and preferences of customers
Using big data analysis, companies can fully understand their customers. For example, what makes them interested, what motivates them to buy products, what products they will buy next, what makes them recommend the company’s brand, why they choose a competitor’s product, and the way they like to shop.
Companies can also interact and communicate with customers on social media through websites, emails and messages, and then analyze the feedback data to help them improve products and services. This enables companies to enhance the customer experience and thereby retain customers.
5. Cut costs
With the help of big data, companies can identify redundant workflows and expensive processes that have no return. Based on the results, companies can scale up or down, thereby affecting their financial status in the long term. For example, big data can help companies track financial errors that may occur due to improper invoice issuance. Automating the invoicing process can help companies eliminate errors and thus help save costs.
6. Strengthen operations
Where business processes are interconnected, real-time data will be generated. Companies can then use this data to work hard to improve and increase efficiency. For example, integrating real-time traffic data on delivery trucks that use GPS and sensors can help optimize the supply chain.
7. Recruitment and management of employees
With the digitization of many operations, companies can easily find data that can help recruit better talent, find better recruitment agencies, and build good relationships with employees. The human resources department can collect data that helps monitor absenteeism, productivity, employee satisfaction, and personal development evaluations.
8. Create better marketing campaigns
Big data can help companies make smart marketing decisions for business development. It can help companies identify different target customer groups and how they might respond to the company's marketing strategy. Companies can also learn about the customers who bought the product, their age, location, places they frequent, what triggered their purchase decision, and so on.
This information can help companies create content that is more suitable for each group of potential customers, so as not to waste the marketing work carried out by the company. Big data also allows companies to pay close attention to trends that can be incorporated into marketing strategies.
9. Trend identification
Big data helps eliminate doubts about many processes, and helps companies discover and monitor behaviors and patterns, thereby helping to predict the progress and understand how the company's brand needs will be affected over time.
By understanding the hot topics on Facebook and Twitter, you can understand what products and services customers want. This helps companies customize products and services in a way that meets their needs.
Conclusion
As information sources continue to increase, companies are likely to tend to migrate their services, products, and any other data to the cloud, which will help them take advantage of the benefits provided by big data.
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