Posted On 31 May 2023
Venetia Hillary

Big data is a game-changer in the world of business. It provides powerful insights into customer behavior, market trends, and business performance, among other things. However, many companies, particularly small businesses, don’t have the analytics resources to take full advantage of this. Only 4 in 10 companies use big data analytics, indicating that more businesses need to find ways to tap into its power without breaking the bank.

The good news is that there are several steps you can take to identify and use in-house big data sources with limited analytics resources. This article will show you how to obtain data without costly investments and how to maintain privacy while doing so. But first, let’s explore why small business owners should use data in the first place.

Why should small business owners use data?

Analysing data has several benefits for small businesses. Here are the most important ones:

  • Improve customer satisfaction, retention, and loyalty: Tracking customer trends allows you to understand their needs better and provide tailored customer service. This, in turn, can help improve customer satisfaction, retention, and loyalty.
  • Develop and refine products or services: Analysing data helps identify problems within a product or service before they become critical, allowing companies to develop solutions quickly to prevent customer dissatisfaction.
  • Uncover new growth opportunities: Data analysis provides insights into customers’ buying habits and preferences, enabling businesses to identify new growth opportunities.
  • Enhance efficiency: By streamlining processes and optimising resources, data analysis helps to make operations more efficient and cost-effective.

How to find big data in-house with limited analytics resources

As a small business, you don’t need expensive structural investments to get started with data analysis. Here are some ways to get data from your desk if you don’t have access to analytics resources:

Identify existing sources

Start by identifying which data sources your company has available. This could include customer databases, financial records, employee surveys, social media analytics, or any other information that can provide insights into your customers and operations.

Utilise existing software

You might already be using some form of software to manage your daily operations. These tools often store a wealth of data you can use for analytics. For instance, if you use accounting software, you can extract data from it to gain insights into revenue and expenditure