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The Value of Big Data Analytics in Small Business

Big Data Analytics and Your Small Business

Big Data Analytics and Your Small Business

No one can deny that small biz contributes a significant amount to the US economy: several studies have shown that there are more than 27 million small businesses in the country and around 120 million people (more than half of the current working population) are employed by a small business.

Starting Small Is Starting Right

But still, many wonder about the importance of big data analytics for small businesses. Whether this wariness comes from a fear of failure or a simple lack of insight, business owners should know that there’s nothing to be afraid of when it comes to data analytics. Just like how big businesses tackle the process, small biz owners should start by pinpointing a small yet specific problem that they want to solve. Smaller businesses have an advantage here because they tend to have a smaller data set and can focus much more easily on specific issues.

The Agility Advantage

Another advantage that small businesses have over their bigger counterparts is that they can act on insights quicker and more efficiently. There is no value to gleaning groundbreaking insights if a business isn’t agile enough to act on the information derived from mountains of data.

Yes, Your Small Biz Has “Big Data”

If your company has been in operation for at least a year, you already have a ton of data waiting to be mined for gold nuggets of insight. It’s all in that mountain of company records you keep. If you keep your sales information on file, you already have a set of statistics that you can compare and cross-reference with other data in your hands.

Regardless of the size of your business, you can get access to and take advantage of big data and infrastructure. No business is too small to begin thinking big!

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