Big Data and Small Businesses

Small business owners have a relatively new tool at their disposal that can help them stay on par with big businesses. Big data tools allow small business owners to gather massive amounts of data into tangible forms. The data collected is then used for a variety of business enhancement purposes, including tracking customer preferences in order to create targeted advertisements and promotions.

Big Data ToolsBig Data Tools

Big data is a broad term that encompasses credit card purchase records, business files, social media updates, sensory data, and websites that collect customer purchase history and preferences. Small data software and applications allow business owners to collect, synthesize, analyze, and store mass amounts of electronic information. Through the use of small data, small business owners can track vendor information, customer preferences, and easily communicate with customers via email and social media sites. Big data allows small businesses to stay on par with big businesses, which in the past were the only ones that could afford to access customer and business data points. Data points collected about past business allow small business owners to receive relevant information necessary to customize their services to the unique needs of the business and customers. As a result, a small business can operate more efficiently, and base their decisions off of the data that has been collected and disseminated.

 Utilizing Big Data Tools

Big data tools come in a variety of sizes and forms, all with different purposes. For around $20, you can purchase customer relation management (CRM) software. Such software can be downloaded on your small businesses’ computers, and can draw customer purchase history and information into one easily accessible source and format. However, big data can pose complications for the non-computer savvy small business owner. This is because the whole goal of big data is to compile and synthesize large amounts of data. However, once this data is collected, it may be difficult to track trends and utilize the data to one’s benefit. When this is the case, it would be a great idea to consult with a social media firm that specializes in CRM software development.

Big data allows small businesses to compete with their larger counterparts. Contact the small business attorneys here at The Gierach Law Firm in Naperville, Illinois for all of your small business law needs.