Big data has the power to transform any small business. However, many small businesses don’t know how to utilize it. One study found that 77% of small businesses don’t even have a big data strategy.
If your company lacks a big data strategy, then you need to start developing one today. The best thing that you can do is find some data analytics tools to solve your most pressing challenges.
Using Big Data to Fix Your Biggest Problems as a Business Owner
In 2019, big data technology is paramount in business. Big data is an indispensable product which contains valuable insight necessary in decision-making. The concept of data analysis is, therefore, essential for every organization that deals with vast amounts of data every day. There are many benefits to data analytics. They include everything from improving internal processes, optimizing security, and increasing efficiency. Data analytics plays a significant role in these aspects of business operations.
New England College talks in detail about the role of big data in the field of business. They have highlighted some of the biggest applications, as well as some of the precautions businesses need to take, such as navigating the death of data lakes and understanding the role of the GDPR.
The task of analyzing data is no simple feat. As such, organizations today rely on a suite of tools to manage the collection, aggregation, analysis and, to a certain extent, the interpretation of data. These are five of the tools that every business should consider adopting.
IT log data management tool
The purpose of a log data management tool is to provide IT admins with a reliable platform for collecting log data from different devices, applications, machines, and networks used by the business. An advanced log analyzer (click to learn more) aggregates and extract useful insights from log data automatically, amplifies the human abilities and facilitate the “hunt” which is necessary to determine security concerns, monitor system health, adhere to compliance requirements, and much more. With the right log management tool, IT admins can easily access ready-made dashboards and generate reports which visualize essential events that lead to pre-emptive actions and sound decisions.
Customer data platform
The main goal of a customer data platform is to make sense of all customer information, create a unified profile and allow marketers to work with the results efficiently. You can learn more about a customer data platform by reading this overview on HubSpot. What sets customer data platforms apart from other similar tools is that they can connect all customer data regardless of the source. With the role of marketers in mind, a CDP can not only analyze data but also provide additional functionalities such as business intelligence and reporting.
Data management platform
A data management platform is unique in the sense that its primary function is to collect and organize data coming from first-hand, second-hand, and third-party sources. This unstructured information is essential in effectively coming up with advertising and marketing campaigns that are data-driven. Data gathered using a DMP has many functions. Apart from creating targeted marketing strategies, the information can also be used for monetization.
Customer relations management
Another data analysis tool that many businesses use today is CRM analytics. Some of the practical applications of CRM analytics include:
- Creating customer groups
- Analysis of profitability and customer value
- Tracking and measuring escalation arising from problems with a specific product or service
- Creating predictive models
- Personalizing marketing campaigns
Better business decisions, especially those stemming from how customers engage with the company, are the primary goal of CRM analytics.
Social media analytics
As social media platforms become integral in the operation of a business, it necessitates the use of tools that can make sense of data gathered from these sources. There are open source and enterprise-level platforms available for companies to adopt. Essentially, the purpose of using tools to analyze social media data is to extract customer perception, their likes and dislikes, by quantifying how consumers behave through these platforms. With the help of AI and machine learning, it is now easier to make sense of the information coming from various platforms and use it to make business decisions.
Big Data is Simplifying Many Business Management Tasks
Business analytics tools are great for solving many problems as a business owner. You can find a lot of solutions with the various tools listed above.