There are several ways small business owners can leverage big data to drive the growth of their companies. As digital transformation becomes increasingly important for established businesses, the application of big data analytics is expected to surge further. Between 2015 and 2018, the implementation of big data analytics shot up to 42% (from 17%). The phenomenal growth happened in the space of 3 years. But, just how surprising should that be?
Data analytics boasts an unlimited number of applications. Accordingly, small business owners are encouraged to use it effectively to make their businesses smarter. When implemented correctly, data analytics can offer business owners a competitive edge and boost their conversion rates and revenues. Here is how data analytics could impact your small business in 2020 and beyond.
Deep learning
Did you know that the world generates around 2.5 quintillion bytes of data per day? Well, such astronomical volumes of data require powerful machines to analyze it all. Thankfully, advanced machines are getting better at machine-learning and analyzing big data. Deep learning employs neural networks to process vast volumes of data faster. This way, intelligent machines are able to solve complex problems with a high degree of precision.
2020 marks a turning point in deep learning and its place in small business ecosystems. With the right tools, small business owners can greatly improve their decision-making processes. For instance, chat robots (chatbots) are gaining wider popularity in recent years. Deep learning empowers chatbots to get smarter at answering questions. You can visit the Tropare Inc homepage to learn more about how sales professionals and marketers are using data analytics to gain better business results.
Machine learning
This is a field of study which concerns itself with the design and development of algorithms to enable computers to learn better. Machine learning has grown to become a sophisticated field of data analytics. Companies such as Netflix and Amazon are implementing machine learning to design systems that make intelligent recommendations based on users’ previous online activities. Data analytics and machine learning are becoming more and more inseparable as the years come by. Small businesses can create more effective promotion campaigns based on insights gathered on customers’ demographics, geographies, and behaviors.
Dark Data
Before you misinterpret it, rest assured that there’s nothing to be worried about by the term dark data. Simply put, dark data refers to a pool of data that hasn’t yet been utilized. Examples of dark data are unused customers’ info, unread emails, and old customer support tickets. It will interest you to learn that dark data accounts for almost 93% of all organizational data you can think of, as of 2020. But thanks to data analytics, many companies are now beginning to put their data to good use. One example is that some small business owners are tapping into their dark data by following customer support logs. This way, they can learn the duration of customers’ interactions and their preferred channels of communication. Overall, this helps them improve the quality of their services.
In summary, small business owners use data analytics to track customers through their sales funnels. Big data analytics also helps companies prepare accurate budgets.