The explosion of data has been a constant trend in the last decade, and businesses are still figuring out what this means for them. The term ‘Big data’ is used to define extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions.
Although big data has historically been associated with large corporations, it has emerged that, as of 2017, 53% of companies are using big data analytics, up from 17% in 2015. The Telecom and Financial Services industries are fuelling the fastest adoption. Reporting, dashboards, advanced visualisation, end-user “self-service” and data warehousing are the top 5 methods used to support business intelligence and analytics.
Big data isn’t just for large corporations; SMEs should be harnessing the value of big data too. In today’s globally connected world, hundreds and thousands of actions generate enormous amounts of information. Analysing all this information uncovers insights that help businesses grow. So what can SMEs gain from big data and analytics?
Gathering Business Leads
Anyone who purchases your products, visits your website or writes a review is a potential lead. This valuable information can help shape your sales and business development activity.
Reaching out to the right prospective employees makes all the difference to a company. Manually searching for talent can be a tedious task, but with the advancement of technology, it only takes a minute to match people with the required roles and tasks.
Big data is a goldmine for marketers. The data from social media platforms like Twitter and Facebook provides crucial information about your product or service and its perception in the market. It also gives you insights into consumer sentiment, engagements, loyalties and demographics.
How to use the power of big data
Before you dive headfirst into the huge amount of data and insights available, there are a few important things to establish first.
Be diligent with big data under GDPR
The recent General Data Protection Regulation (GDPR) of course has implications for big data. As mentioned in our recent blog on GDPR, it’s imperative that you:
- Review and modify your organisational processes, applications, and systems to ensure compliance
- Make sure privacy and security requirements for your business are established and adhered to.
Decide what you need the data for
The quest for data should be in line with your business goals. Do you need data to help win and retain clients? Do you want to review real-time information like pricing? Or do you want to leverage insights to help your business grow? Your primary objective should be to make the most out of the insights, which can help you achieve your business goals.
Public or Private Cloud-Based Software
The big data industry is converging around three principal public cloud providers—Amazon Web Services, Microsoft Azure, and Google Cloud Platform—and most software vendors are building solutions that operate in all of them.
There are many advantages to public clouds over private clouds, so much so that they are the preferred big data analytics platform for every business sector. Advantages include the fact that public clouds mature more rapidly than private clouds, with the ability to add richer functionality and enhanced administrative tools quickly and easily.
With the correct processes in place, your business can still take advantage of big data under GDPR.
We take care of your IT, so you can focus on running your business. Whether you are looking for a comprehensive outsourced IT support service or something more flexible, BTA can help. As industry-leading specialists in network security, business continuity, hardware and software provision, cloud computing and Internet services, BTA has been helping businesses gain a competitive edge through technology for more than 20 years. Call today on 020 8875 7676 to learn more and sign up for a free consultation.