Think of big data, and it’s not uncommon for people to think about big businesses. According to an SAP study, only one-third of small and medium companies are saying they’re making good progress in digital business transformation.
Although big business enterprises handle massive loads of online information, big data and using content caching solutions can be just as applicable and necessary to small and medium players.
Here’s how it happens:
High operational costs and capital are some of the barriers that prevent small companies from surviving their first few years. Big data isn’t a very cheap technology, but these days, users now have the option to pay per use. Moreover, with proper implementation, it can reduce business costs by 10 percent. Reduction in cost of failure is around 35 percent.
Big data allows users to be more strategic in their marketing campaigns. It provides a better idea of the target market and consumer behaviour. In turn, businesses enjoy a better return on investments for their efforts.
Higher Revenues and Profits
As business costs go down, profits go up, allowing businesses to maximise their cash flow. But big data can also increase their revenue by letting them plan the best marketing strategies for every sales cycle. In every sales funnel stage, you can target your market and customers with efficiency.
Furthermore, by having a deeper understanding of their customers, businesses can now offer products and services that match their needs.
Every business hour means money either wasted or earned, depending on the activity. As big data helps to optimise marketing strategies, it also makes the business more efficient. Every minute works towards a higher conversion rate. With tools available online, small businesses can now perform analytics anytime and anywhere, making them more productive.
These applications don’t underestimate the challenges small businesses have to address when it comes to big data. Not only do they have to consider where to find sources, but they also have to think how to store them. Content caching technology is how some companies resolve this.
This method helps save businesses money since they don’t need to invest in huge amounts of bandwidth to cope with the influx of data. Rather, they maximise what they have use cache to store operational information.
As competition heats up, businesses, whether small or big, stand to lose more if they don’t maximise their use of big data. The sooner one embraces it, the better are their chances of thriving in the digital business world.