Small businesses can benefit from big data

Small businesses can benefit from big data

In 2016, an IDG study found that 78% of large businesses agreed that a big data strategy could alter how businesses have always operated. This demonstrates the acceptance of big data strategies and technology by large businesses and emphasizes the risk that small businesses will lose their relevance if they do not implement the same strategies.

According to a report titled “Benefits of Large Data Analytics Large Data and Big Companies” written by IIA Director of Research Tom Davenport, big data analytics are having a significant impact on businesses, particularly in terms of improving products, speeding up business decisions, and cutting costs. Small businesses can benefit from big data in the following ways:• Savings on money The initial investment in large data tools and strategies is unquestionably expensive, but the rewards over time are incomparable. The healthcare sector is a great example of how large data can be used to help businesses of all sizes cut costs. In just two years of utilizing the aforementioned technology, Medicare and Medicaid Services prevented more than $210 million in healthcare fraud by employing predictive analytics.

In addition to preventing fraud, small businesses can cut costs by avoiding overstocking their inventory and working with more reliable supply chain partners, among other things.• Better Decision Making This is the biggest advantage of having a lot of data. By processing data quickly and providing timely insights, it enables businesses to accelerate decision-making. In the past, based on the data that was available and the trends that were observed in it, business decisions were left for strategies for the future. Businesses currently have access to a huge amount of data, which enables them to gain more powerful insights.

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