12 Jun How small businesses can benefit from custom database software
Just because the term is called "Big Data" does not mean that it is relegated to only large companies and organizations. With more information becoming available online and accessible from different computer systems, businesses can fine-tune their marketing approach or even improve inner office operations.
Steve King, a partner at Emergent Research, spoke with Forbes on how Big Data is influencing the business world.
"The growth of the internet, wireless networks, smartphones, social media, sensors and other digital technology is fueling a big data revolution," he said. "Big data was the exclusive domain of statisticians and large corporations but not anymore."
King added that small businesses can also benefit from Big Data. For example, when a company is able to bring sales and staffing data together it can help the organization achieve more cost-effective processes. Scheduling and tracking supplies can be streamlined and a business could cut costs.
Additionally, digital marketing can help companies find the best ways to reach current and potential customers. For example, a study by Catalina found that 53 percent of a brand's sales volume comes from outside its demographic target. The report looked at 10 different types of brands that tried to cater most ads to women ages 25 to 54.
Specifically, when it came to mayonnaise and frozen dinners, 60 percent of those sales came from customers outside the demographic target.
With custom database software, businesses of all sizes can take advantage of the Big Data trend. Taking in large amounts of information doesn't have to be overwhelming, and can in fact, help companies find more efficient ways to reach out to customers and improve daily operations.