Our fondness for net, tablets and smartphones has made a rich vein of information. Our every action creates heaps of information that may be consumed for data analysis. With rampant social networking trend and an increasingly tech-savvy marketplace, it has become an important strategy for companies. A search engine query for information, generally provides tons of results on ‘Big’ data, giving a feeling that data analysis is useful just for multibillion dollar companies. That is a myth- Data evaluation is for everybody, including SMBs.’Big’ is a relative term, and each company reaches a data analysis Limit some time or another. For small businesses, an individual can avoid that limitation because information is generated at lower amounts. However, it does not take much time before the quantity, variety and speed of data comes in from hand proportions.
While every company keeps customer information or revenue record, there is insufficient details recorded in those records. Consider that you are handling an Ecommerce site, simply maintaining a record of the number of clients come from which advertising sources is not enough. Details such as how long they at your website, how long they stay at each of the webpages, or how long one takes to complete a purchase procedure etc. are invaluable inputs for Wisers. So, you must boost your metric prowess. Having more information increases the range of data analysis and can be used to disclose critical details. Most small companies have mechanisms to gather information regarding their customers.
Be it CRM, ERP or social networking interactions, there is plenty of information about specific clients. But the issue is that, they are stored in isolated silos. This not only lessens the efficiency of analysis, but is not strong enough to give you advice about your client ecosystem. Integrating these using data analysis tools is the way to go. When one adds info from various sources, customers do not simply stay as data or numbers however have multiple dimensions, exactly like in real life.
Visualization of data
Even with less complex data analysis infrastructure, small business can gain if they have the ability to visualize the collected data. While the conventional techniques involving statistical procedures or another computer intensive paradigms yield better outcomes for specialists, data maps or charts can be a much better way to visualize for non-experts. By way of instance, integrating customer information with geographical information may provide you better targeting approach. There are quite a few other ways that industry analysis reports visualization can help out one. Althoughit is interesting to consider this type of analysis in large scale, from a business viewpoint, what matters is how successful it is in streamlining your company. Invest more in data analysis and reap the benefits.