5 Ways SMBs Can Benefit from Big Data

Big data might be a trending topic, but few companies have created the processes necessary to fully capitalize on the storehouses of digital information at their disposal. Case in point, a 2016 Gartner survey found that while 48% of companies invested in big data solutions, only 15% reported deploying those solutions into production.

Before we go any further, let’s define terms.

According to Google, “big data is extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.” Though it might sound like something only the Fortune 500 can afford, nothing could be further from the truth.

Companies of all sizes, including small and medium sized businesses (SMBs), can use this technology to refine their marketing strategies, cure diseases, catch criminals, and more. Big data can do a lot of good in the right hands, but only when it’s harnessed correctly.

5 Ways SMBs Benefit from Big Data & Business Intelligence:

Now that big-data solutions have been around for well over a decade, they’re becoming faster, and competitors are entering the market to drive down pricing, which makes it a good time for SMBs to consider adding this technology to their game plan. With this technology, SMBs can:

  1. Gain Deeper Customer Insights

Compiling thousands of customer actions into clean, easy-to-consume reports can help your SMB customers use previous customer preferences to inform future buying decisions—instead of going with their gut and hoping for the best.

  1. Increase Agility

Instead of waiting for a whole month or quarter to go by before reviewing customer buying habits, what if you could empower your SMB customers to see activity in real time? Business intelligence solutions make that dream a reality. This information can then be used to right-size investments to better match customer demands.

  1. Predict the Future

While the past can’t always enable you to predict the future as there could be other environmental factors at play, it can help. For example, a physician group could you use flu shot data from a previous year to predict how much serum to order for the following year.

  1. Scale Faster

Not all business intelligence systems are created equal, but big-data solutions are equipped to compile and report on large amounts of data in just minutes. So regardless of whether your customers have a small user base or a fast-growing book of business, the solution can keep up and help them scale faster.

  1. Improve Customer Engagement

By better understanding what customers want, your SMB customers can use that information to create a more engaging customer experience, one where desired products are always in stock, more customer service representatives are brought on during high-volume seasons, and marketing communications focus on resolving specific pain points instead of just selling products.

The Starting Line

Business intelligence solutions have the power to transform SMBs into empires. To achieve this, however, they’ll need a platform for success, one that’s scalable and interoperable with common business intelligence solutions. The ProfitBricks Infrastructure as a Service (IaaS) offering can be that platform. Easy to install and manage, ProfitBricks is custom built for Managed Services Providers (MSPs). To learn more, click here.