Big Data Benefits: Not Just for Big Firms by Pete Lorenco

In a recent survey, only 18 percent of small business respondents said they cull intelligence and analytics from their data reserves. So why are they-and others-so hesitant to take advantage of the promise of big data?

For starters, they may not be able to tap into their data because of inadequate investments in technology. After all, how can you analyze information that may still be trapped in a spreadsheet in your file cabinet? Also, the reluctance to engage with big data may stem from a belief that it is, well, too big and complex for small enterprises to harness properly.

How Small Businesses Can Leverage Big Data

For small businesses, the best way to wring real value out of everything-from social media posts to customer invoices-is to engage the services of a knowledgeable partner. Here are just a few of the ways collaboration can pay off.

Gaining sharper customer insights. Smaller businesses have long viewed personalized consumer attention as one of their greatest advantages over their larger rivals. An experienced partner with the capacity to store all of your paper and electronic records in a searchable format can help you easily access and mine information to better understand and serve your clients.

Improving Web strategies. Positive and negative tweets and online reviews can determine a small business's ability to attract and retain customers. Working with a partner experienced in collecting and organizing social media conversations is a good first step toward analyzing feedback and drafting responses to complaints and compliments.

Making better and more strategic decisions. A solid examination of your sales records can reveal the loyal customers who deserve the most attention from your sales team. Inside your company, you can use data from employee surveys and exit interviews to make smarter decisions about which benefits and incentives can boost morale and reduce turnover.

Staying compliant. Not all of the benefits of working with a partner to tap the power of big data are about customers or business strategy. A full-service vendor can also keep you in compliance by establishing a regular shredding schedule to dispose of outdated documents.

For many small business owners, big data may seem like a technological innovation that has little relation to their organization. The reality is that tapping into the data you're already collecting provides real opportunities to improve and grow. All that's required to help you realize big data's promise is a trusted and experienced partner.

LINK:	http://blogs.ironmountain.com/2015/service-lines/small-business/big-da...
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