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In today's world, technology is the one thing that can set great businesses apart from the rest. However, if you run a small business, you are probably already overwhelmed with all of the things you have on your plate.

 

That is why it's crucial to understand how to leverage big data to your advantage. If you don't, your competition will surely get ahead and you could miss out on opportunities to dominate in your industry. So look at these three strategies below and pick at least one to start implementing as soon as possible.

3 Ways to Leverage Big Data In Your Local Business

80/20 Analysis of KPIs

There are probably about 20% of your customers that are generating 80% of your business revenues right now. This is called the 80/20 rule. If you use this information correctly, you can identify which 20% these are and focus solely on them. This allows you to spend less money and make more sales.

 

In addition, there are key areas that are taking up about 80% of your time, and if you eliminate them you could save energy, time, and money. It could boost your bottom line like never before. The way to achieve this is to leverage your big data.

 

Within your business, you no doubt have information that you have collected: sales, marketing, conversion rates, expenses, employee performance, etc. By hiring someone to take a look at this data, you can invest in a clear picture of where your energy is going compared to what is actually producing results. Then, armed with this information, you can decide where to place your focus so you aren't working any harder but still managing to get better results.

 

Predictive Analytics

One of the powerful things about having big data is you can go back in history and look at the facts. Numbers don't lie. And when you have a lot of this information, you can utilize AI and machine learning together with algorithms that predict future behavior.

 

For instance, say that a certain type of product seems to sell well one month but not the other. Upon deeper review you may find that releasing promotions via email on weekends is better than weekdays for conversions. Then you can use these analytics to predict future sales and better timing for promotions.

 

Secure Your Network

In today's day and age, with digital technology causing everything to be connected online via the internet, it is important to leverage the data you have to protect it. Knowing how much data should be flowing through your systems, or not, is going to give you an edge over hackers who may want to steal your vital information for competitive purposes or to hold in ransom for big amounts of cash that could disrupt your entire company.

 

For example, network visibility solutions allow you to see your data as it transfers throughout your entire network. By analyzing this data in real time, you can see if a potential threat is on the horizon. Knowing when a threat is happening and stopping it is a matter of speed. Of course, you cannot react quickly if you don't have the data in the first place. That's why using your big data in a way that allows you to protect your most vulnerable assets such as customer information, proprietary info, or banking information, is crucial. It also saves time and money on needing staff to monitor everything manually.

 

When it comes to local business, leveraging your information is more important than ever. Long gone are the days where you only had a small flash drive full of information that could run your entire business. Today, the companies that are able to record and analyze their data can put it to use. No matter what size your company, you can use information to grow, to protect vulnerabilities, and to identify key opportunities so you don't miss out on the next big opportunity or fall into a trap.

 

Lee Flynn is from the Wasatch Mountains near Salt Lake City, UT. After Lee spent years preparing himself, his home and his family, he decided he had to do more. In his free time, Lee helps educate those who want to do the same. Through small local workshops and articles, Lee trains and teaches others on home preparation, food storage techniques, wilderness survival and self reliance. After obtaining a bachelors degree from the University of Utah, Lee moved to the Salt Lake Valley where he now lives with his wife and daughter.

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