Small business, big data

The value proposition of big data to small businesses

Executive Overview

You don’t know what you don’t know, but your data does.

When it is good data – validated, reliable, patterned, comprehensive, and tested – it can reveal hidden patterns, customer preferences, cost fluctuation, and other meaningful insights. When it is bad data – for example, the latest trend identified on social media – it can lead to disastrous results in your business.

The key to any successful business, irrespective of size, is efficiency. An efficient business manages its cash flow and realizes the best returns-on-investment. The right data, interpreted correctly, brings efficiencies. Big data will identify the right information to allow business owners and managers to make informed decisions to optimize business performance. Big data can identify the preferences of your customers and the local and regional markets. In this way, business owners and managers increase sales and revenue by catering to prioritized demands against the business. By combining big data with data mining (including social media mining), business owners and managers better understand customer trends and adjust accordingly. All these activities provide competitive advantage and positively influences profitability.

Introduction

For this White Paper, we adopt the definition of small business as a relative term for any business that does not have similar resources as the major players in the field, e.g., information technology departments, marketing teams, robust human resources department, or data analysts (Street & Cameron, 2007). We strongly feel every business leader, whether owner, operator, or manager, should have access to the same business intelligence systems and solutions, regardless of size of the business or organization. Whether for profit or not for profit, every organization should have benefit of good data solutions.

A common mistake leaders in small business will make is dismissing the advantage of a dynamic business intelligence system because they don’t have the proper resources and cannot afford to hire it externally. Consequently, the evolution of small business is determined through the trial-and-error method of management of resolving one problem after another (Goede, 2021). This impact of this methodology is costly and erodes the competitive advantage of the business.

Leaders need to information to be more proactive in their direction and actions. Businesses of all sizes require their own and unique Business Intelligence System, including data warehousing, but the cost to build and maintain a system can be overwhelming. Leaders require a champion to support them and maintain a system developed specifically for their business needs (Goede, 2021). Bennett Intelligent Systems (BIS) is that champion to maintain an affordable and cost-effective strategic alliance with every small business.

The benefits of big data

Evidence suggest that the systematic collection and analysis of data can be traced back to the ancient Babylonians (Lengauer, 2020). In today’s world, there is a plethora of available data – it is, literally, everywhere. Once obtained, the issue for end-users is data analysis. When you enter the world of analytics, you quickly are confronted by statistical research terms and mathematical equations that go well beyond the traditional formulas found in common spreadsheets and workbooks.

Beyond analysis, data needs to be compiled to provide workforce analytic solutions. Traditionally, workforce analytics was developed and used to support traditional HR functions such as recruiting, training, workforce planning, performance management, and employee engagement (Levenson, 2018). BIS uses multilevel modeling solutions to help leaders make informed decisions in business execution in all areas of the business. In this way, data is synthesized and corroborated for use beyond traditional offerings. This means that leaders, armed with data, can influence their business strategy by identifying critical business needs and determining the best course of action.

Large businesses have the resources to manage and capitalize on data. Netflix surpassed Disney and Amazon surpassed Walmart because of data (Ugbaja, 2022). Small businesses need to leverage the available data as well to advance their business. Places where data can be leveraged include:

Optimizing service offerings and support for the best customer segment
Increase return on investment (ROI) through prioritizing marketing channels
Strengthen customer loyalty, satisfaction, and return sales
Predicting employee churn and market talent
Model strategy before committing resources
Model new market penetration or changed service offerings

Why this is important to you?

For the first time, small businesses have access through a local source to service their data needs. BIS offers customized, business-specific solutions to provide you with the data intelligence you need. We partner to provide options, identify trends, and support your business intelligence system through your own personalized dashboard. In this way, BIS creates the opportunity for every business to add to their portfolio real-time data to make evidence-based managementdecisions (Rosseau & Olivas-Lujan, 2015). Leaders can have confidence that:

They have the best and most timely data available;
They have reliable and validated data;
Will reduce unintended bias and improve quality of decisions; and
Will recognize long- and short-term effects of their decisions.

What’s the answer?

Your answer is to take every advantage to boost your competitive advantage and profitability by leveraging big data. But, when you reach out and explore options, you find yourself faced with large companies providing boxed solutions with annual subscriptions. You need a business partner that you can meet with in person, collaborate with, explore options, and build solutions that evolve with your business. That partner is Bennett Intelligent Solutions.

Conclusion

You need information to drive your business. You need to improve your bottom-line. And you need to see your return on investment. Bottom line, you need to improve your competitive advantage in the market and know data can help, you just need the right business partner to get you there.

Maybe you’ve already explored options but couldn’t afford it, weren’t big enough to rationalize the investment, or were concerned with a one-size fits all mentality of the big providers. Perhaps you were intimidated by the thought of data collection and how to manage it. Maybe there just wasn’t the time and resources to give credence to developing your own business intelligence solution.

Your solution rests with Bennett Intelligent Solutions (BIS), which provides affordable, customizable, and in-person service to meet your data needs. Using proprietary algorithms, BIS provides the same quality and expert data analytics to feed your business intelligence needs and make decisions that are appropriate and profitable for your business.

We predicted you’d call. ™

References

Goede, R. (2021). Sustainable business intelligence systems: Modelling for the future. Systems Research and Behavioral Science, 38(5), 685-695. doi:https://doi.org/10.1002/sres.2813

Lengauer, T. (2020). Statistical Data Analysis in the Era of Big Data. Chemie Ingenieur Technik, 92(7), 831-841. doi:10.1002/cite.202000024

Levenson, A. (2018). Using workforce analytics to improve strategy execution. Human Resources Management, 57(6), 685-700.

Rosseau, D. M., & Olivas-Lujan, M. R. (2015). Evidence-Based Management. In P. F. Eds C.L. Cooper, Wiley Encyclopedia of Management. Wiley Press.

Street, C. T., & Cameron, A.-F. (2007). External relationships and the small business: A review of small business alliance and network research. Journal of Small Business Management, 45(2), 239-266. doi:https://doi.org/10.1111/j.1540-627X.2007.00211.x

Talend. (n.d.). Big Data for Small Business: A Complete Guide. Retrieved from Talend.com: https://www.talend.com/resources/big-data-small-business/

Ugbaja, L. (2022, February 9). nalytics For Small Business: Here’s Why SMEs Must Adopt It. Retrieved from Databox.com: https://databox.com/small-business-analytics-benefits#:~:text=%20Small%20Business%20Data%20Analytics%20Benefits%20%201,Change.%20Sometimes%20you%E2%80%99re%20using%20the%20right…%20More%20

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