As per a report released by EY in 2014, big data is transforming the way businesses operate and get ahead of the curve. However, many small and medium enterprises (SMEs) have been unable to leverage big data in the favor of their businesses and maximize profits.
Big data has immense usefulness for SMEs and small business owners, who can leverage big data to improve product quality, make smarter decisions and provide excellent customer service.
Advantages of big data for small and medium enterprises include:
Better transparency: Big data gives you vital information and insights in real-time that enable you to implement effective plans based on present consumer behavior.
Improved products and services: Big data helps you to know your customers’ demands that enable you to improve your products and services. Big data also simplify products and services update after rollout, bringing quality all through the product or service life cycle.
Competitive advantage: Big data helps small and medium businesses in getting competitor insights, doing differently and adding more value than their competitors.
The ways SMEs can use big data to maximize their profits are:
Making big data strategies easily accessible through blockchain technology
As per IBM Big Data and Analytics Hub, just 23% of businesses have a big data strategy. Blockchain technology can help in developing a user-friendly and economical big data strategy for SMEs. Machine learning blockchain platforms and artificial intelligence give access to exact data and business information without data analytics or software.
Utilizing tokens for SME marketing campaigns
SMEs know the worth of targeted marketing initiatives and with the easy access and examination of big data through blockchain technology there is no requirement for marketing intermediaries, who have been feeding SMEs, advertisers and marketers with wrong personal browsing history and personal data. By removing the intermediaries, SMEs can get more correct data directly from customers via the highly transparent and decentralized peer-to-peer network of blockchain.
Distributing big data over a decentralized cryptic network
SMEs can adopt the business model of Storj, an open source storage solution provider, which launched to combine cloud storage with a decentralized network. By distributing big data over a decentralized cryptic network, the storage solution startup has made big data cheaper and safer. Other companies also pair blockchain technology with big data to segment and sort files.
So some of the ways that SMEs can use big data are by making big data strategies easily accessible through blockchain technology, utilizing tokens for SME marketing campaigns and distributing big data over a decentralized cryptic network.
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