Study: Big Data can improve outcomes for small businesses
Big Data is a fairly new way to examine electronic data processes, but it has the potential to be extremely beneficial. Business owners are no longer limited to figures from revenue, but they can track their audience's purchasing habits. Even though this information can greatly improve sales in the near future, about 44 percent of companies are still in the early stages of using Big Data.
This is becoming a popular trend among major retailers, but a study from the Harvard Business Review found that these measures can also transform how small and mid-sized organizations operate as well. At first glance, it may appear like an unfeasible investment, but there are data processing companies out there that can help interpret the data for you. In some cases, the customer data is readily available for those who ask for it.
The University of Kent and University of Ulster provided customer loyalty information from Tesco, a supermarket chain based out of the United Kingdom to businesses that sold their products there. Based on transactions found on a slew of loyalty cards, these smaller companies were able to understand their competition's thinking.
Instead of using inventory to explain what was the business' most popular product, they were able to see data from high performing stores and consumer lifestyle. These businesses no longer had to imagine what their colleagues were doing to increase sales, the numbers were readily available.
One participant told the Review that this knowledge allowed them to "know precisely who our target consumer is," while another noted that they are more prepared to "envision long-range innovations, rather than reacting to competitors' or the retailers' actions."
Tab Service Company is a Chicago based company with over 53 years of experience as a data processing service provider. We provide business with outsourcing solutions for document scanning services, data entry services and mailing/lettershop services. As a SOC2-approved organization, we apply industry-best practices to our approach with clients.