> What do you think you can learn about your customers from inventory data or your cash register log?
> Or do you think responses from social media can any way foretell your products stockpile for this month? How such varied information relate? How do you even start off the analysis?
We will talk about it in a minute. Assuming your business has an amount of sales each month ,a record of the finances and a somewhat good social and web presence. If you have at least two of these you are actually good to start.
Basically these are small data sets. We’ll call them sales data,financial data and web data. You might be using Quickbooks or Spreadsheet to record the first two while you are not so sure of the later .Well if your business has a website and social media account, the web data is also there. Ever heard of Google Analytics? We shall keep the details for a later date but know that tools like this can be used to track visitor behavior on your website, around products and contents up there as well as their response to your posts on social.
Data in these different silos do definitely make sense individually but they become critically important when information is linked-customer data to inventory requirements, web data to prospective sales , and financial data to customer loyalty.
Yes, I am mainly talking about big data and that it is no more out of reach for small businesses. Small business although late adopters technology stand a higher chance to see results soon after implementation. That’s because they are small, decision is in just few hands and volume of data to work with is also small.
Here are some important steps you could use to adopt the latest technology call Big Data.
Have all in one place- define one platform where you literally have all data – stored and accessed. So this could be a tool like Microsoft Access or FileMaker that act as a data unifying platform .You can feed /import all data from all areas of business like web , sales /marketing and finances ,link them up some how so that they all seem like one business data. This is basically the first step to incorporating big data for small business.
Quickly test if Big Data is actually giving big insights-Take any two databases that you think you have completely imported and linked up. Now start analysis. What do you see? I’ll explain with our experience with one of our other clients.
The client had to revise his website but was not sure what to do how it go about that. Taking a look at his web data and linking it up to their social media log we got clues on visitor preference. What content they were looking for based on what they talks about and pages they visit most. Bounce rates, goal conversions and time spent on page were greatly insightful metrics, giving definite directive on areas to work on.
Last but not least- Know about Big data. This is basically a continuous process and starts from even before you conceive big data into your business. The updates and new entries in this field might just be great ways to upgrade your system internally and benefit the most out of this technology.
To say big data guarantees success would be overrating it a bit too much, but sure its an important tool that increases the chances of success. Actionable insights from time to time can help you decide what content to put up, what resources to hire, which customer to value and reward more than other what products lying at the back of your store is actually high in demand.
Of course , we help you through each of this steps. We have a great team of technical experts and business opportunity diggers and we will work with you throughout the life of your business.
About Hedgehog Insights– We are data analytics service provider . We offer analysis of business data. Be it daily operations, cash flows, website data or ones from social media, we put them all together, draw connections and correlations, derive trends and patterns understand causes and offer our clients a set of easily actionable insights. Tools are in abundance and we are not selling another expensive one.All that we are selling is a promise that our analysts will offer modern and conventional analytics, work with you and help you see hidden opportunities from your business data. Schedule a free consultation .