How to conduct data analytics for a small business

Key quotes:

• "The information you received may have made it seem as though big data is only for large corporations."
• "Thankfully, times have changed and developments in business now make it possible for everyone to benefit from big data."
• "As a small business owner, it is essential to take part in its great benefits."
• "Read on to learn 5 effective steps to getting started with big data for your small business."
• "Data analytics starts by gathering the data acquired from customer activities also known as transactional data."
• "Invest in some data solutions to enhance your methods of acquiring, analyzing, and interpreting your data."

Key quotes:

• "How the traditional method of Big Data analysis looks like and how it can save time for small business? Extremely high speeds of Big Data tools like Hadoop allow an organization to achieve results that would either be impossible in any other way or would have taken too long to be of any use."
• "In essence, text mining is a tool that allows you to “sift through” large amounts of unstructured information in search of trends, patterns, and interconnections — the most important for making the right decisions in various fields of human activity."
• "And now we have a huge advantage for small businesses from Big Data — the ability to analyze users on social networks."
• "Also, these tools offer visual representations of key Big Data to offer deeper insights into various cost heads, allowing small businesses to trim down costs."
• "Data science instruments and data management tools enhance the exactness and effectiveness of this process significantly, making BI even more helpful for small business enterprises."

Key quotes:

• "Big data lets you know where your visitors come from, their exact journey through your site (like, their mouse spent 4.5 seconds hovering above the “About Us” section), what links they clicked on, and so on."
• "Big data analytics can help businesses get to know their customers on a much deeper level, better target their marketing campaigns, predict future demand, see patterns and trends among customers and industry-wide, and much more."
• "With big data, you can get to know your business and your customers inside out."
• "Collecting and analyzing data from transactions allows you to gain crucial insight into general shopping trends, your best selling products, which promotions work and which don’t, what payment methods are the most popular, and much more."
• "Tools like Google Analytics can tell you which parts of your website are the most popular, which links customers click on, how did they land on your site in the first place, and so on."
• "All major platforms have built-in analytics tools that give you insight into your followers’ behavior and how they interact with your business."

Key quotes:

• "While data or business analytics is crucial for any industry domain, data analysis for small E-commerce businesses in the form of E-commerce analytics has assumed an important role in the growth (or even survival) of these players in an increasingly competitive market space."
• "In the following section, let’s evaluate how E-commerce analytics can benefit even smaller companies and why they should consider outsourcing the data analysis function to professional companies."
• "In simple terms, E-commerce analytics (or Ecommerce analytics) is a set of any data analysis tools or methods used to derive valuable business insights from vast volumes of data generated by the E-commerce business."
• "Here are some of the most effective data sources: Why should small to medium E-commerce retailers consider outsourcing their data analysis function? Despite the ease of use of many data analytics tools, small-to-medium businesses (or SMBs) in the E-commerce fail to leverage the use of its large data volumes for business benefits like predicting customer behavior, purchasing patterns, and improving productivity."

Key quotes:

• "However, despite all this hype around the commercial sector leading the “data revolution,” for most small and medium-sized businesses (SMBs), using data feels like it’s making life harder, not easier."
• "I want to know what questions to ask the data.” -Startup founder and digital strategist The most common problem we found plaguing SMBs is interpreting and making sense of the data they have in their organization."
• "However, there are major challenges preventing SMBs from integrating their data, including: The main two barriers to solving these problems among the SMBs we spoke with are (1) lack of management bandwidth to manage all data sources, and (2) lack of technical human capital to construct a sound data infrastructure ahead of time."
• "“I really want to use analytics more, but I haven’t done so because I need to first focus on putting out fires before thinking about optimization.” If we were to describe the previous four challenges as technical problems, the last one is very much human."