Now that more companies have adopted big data it seems there is a consensus on its limits and possibilities.
Some businesses recently reported to The Guardian that they tried to transition to big data too soon, and were consequently swamped with information and statistics they just couldn't make use of. This is not uncommon: as small business owners make the move from the traditional, somewhat out-dated spreadsheet to the wonders of the modern technological age they often find themselves adrift in a sea of numbers.
It is, therefore, absolutely necessary for such businesses to have a program at hand that can compartmentalize and analyze the sudden influx of information. Only when big data is well-organized and synthesized can it be appropriately leveraged for a company's advantage.
Businesses that were adequately prepared for the transition have found big data immensely helpful. Dean Ramler, CEO of Milan Direct, explained to ZDNet, "We use a lot of internal data. Our big data solutions allow us to hold as little stock as possible while fulfilling orders as they come through. So we're not constantly number crunching. If a product doesn't sell fast enough we ditch it."
Macy's vice president of analytics Kerem Tomak also credited the business's double-digit percentage increase in company revenue to its timely transition into the world of big data.
Perhaps the single most important benefit of big data is that it provides businesses with the information necessary to create personalized, targeted marketing initiatives, which can greatly boost sales as well as inform managers about appropriate tactics and inventory updates.
If you're ready to take your business to the next level, consider incorporating an updated credit card processing software that is cloud-based and PCI compliant with extensive inventory management capabilities. This will allow you to track transactions and strategize with greater ease and efficiency.