Do you own a travel and tourism business? Here is how you can expand your business to new...
A couple of decades ago, the idea that there is a sea of data waiting to be mined seemed too fantastic to be true. But Internet made Big Data available. It was no longer a sci-fi concept.
Today it is an inseparable part of a business, one that no one can avoid anymore. As we move towards a more connected reality, Big Data Consulting solutions India and its offshoots will drive the future.
The concept of Big Data is not exactly new. It made its debut at the dawn of the 21st century. It was online start-ups that first realized that the sea of data generated on the Web could be analyzed to reveal patterns, trends and an understanding of the human behavior.
Uncommonly for them, the big corporations were also quick to realize its potential and soon there were tie-ups with giants like IBM, Microsoft and Oracle.
Despite this, a number of smaller companies still hesitate in installing Big Data solutions in India. They see this as an unnecessary burden on their limited resources. But the truth is that it is today an unavoidable business tool. One that you will have to adopt to stay competitive. Avoiding it maydS2 actually sink your boat faster than you can imagine.
Let’s look at just some of the solutions that Big Data can provide a small business:
Understanding consumer behavior:
Small businesses, especially those which are just starting out cannot afford to hire marketing agencies to carry out time-consuming research on what makes their consumers tick. Big Data, on the other hand, gives the same information in a matter of hours.
Data from different sources are mined to get a complete picture of the costumers: the demographics (age, gender, income etc), likes, preferences, even opinions on the ruling party!
This can help a small business in a whole host of ways — how much is your consumer willing to spend, what are they likely to go for, what they like, what makes them recommend a product and what makes them reject another. It also helps us in understanding the consumer language — how to interact with them, sell our product and get their feedback.
Predicting a trend can be a tricky business. Many a business has flunked by investing in what they thought was the next big thing. But what can suddenly work and what cannot often seems mysterious.
But there is one solution and only Big Data can give it to us. Analyzing data tells us what people are talking about, the new idea that seems to be spreading like a wildfire.
The whole world seems to be on the social media today. If not that, they are chatting about the news, the fashions, the trends and the next big thing. The sources range from social media, online forums and platforms, even retail trends.
Understanding the competition:
This is often vital for a small business. How well they do often depend on what the competition is doing. Or not doing! It is surprising how much you can learn about a business through publicly available information, such as financial information, social media chatter and Google trends on the popularity of the brand/product.
For a small business this information can be used to not just assess the information, but only the market share it can expect.
So far we’ve pointed out the role Big Data plays in gathering information from outside sources to comprehend external factors. But the most basic functions of Big Data are performed within an organization.
Big Data tools like cloud gather the separate streams of data to present us a cohesive picture, a complete look at what is actually going on in the company. The biggest advantage here is the unbiased gathering and analysis — every part is tallied and seen the bigger picture.
We are often using Big Data to bring operational efficiency. We can use data for a real-time view of the organizational process, pinpoint wastage and analyze points of modifications. For instance, a small florist uses data to work out their optimum storage system, saving millions annually.
Creating/modifying business model and goals:
A good business model is based on the information. This is the main goal of Big Data. Too many small businesses shut down because of over-expansion or the failure to change with time.
Together with Big Data’s predictions on sale trends, competition and its analysis of own business strengths, we can change our business model, adjusting and modifying when required.
Author Bio :
Johnny Morgan as a technical writer at Aegis Infoways, leading Big data consulting since more than 8 years. I write articles, especially for Java, Python and Asp.Net. I have also got well response to write articles on CRM, Big data Hadoop and QA.