Data can be a useful tool for small businesses to work smarter, be productive and be more efficient. It can be used to help small businesses to improve decision making and can give a lot of detailed insight into all aspects of business operations. The use of data analytics has increased in recent years, as more uses for small businesses become apparent, giving them an advantage over their competition, boosting conversions and increasing revenue.
Data can be difficult to get to grips with, so if you’re struggling to make it work for your business, it could be worth exploring an online MBA degree in data analytics to increase your understanding and ability to use the data.
We all generate a truly staggering amount of data every single day. Machines are becoming better at putting that data to use, with deep learning capabilities increasing all the time. Deep learning has become more complex, using artificial neural networks that learn from the data they use in a manner that is similar to the way the human brain functions. This allows the machines to solve complicated problems with real precision.
Deep learning helps small businesses to increase their decision-making capabilities. Look at chatbots for example. By getting the chatbots to have this deep learning, they’re more capable of helping customers.
How can they do that?
Well, deep learning allows them to handle customers and recognize particular patterns. All in all, chatbots can become a valuable source for handling customers. This frees up your human staff to deal with more complicated problems.
Machine learning is the process by which machines learn information through training algorithms. This technology has integrated into several businesses.
The most common example is the recommended list on Netflix, which uses machine learning based on what you’ve seen to suggest other films and shows.
But as machine learning has grown more advanced, other companies can use it. Today, the technology has many useful applications for small businesses.
For example, machine learning can create messages that are personal and optimized. How that can be done is through extracting marketing data via machine learning. You can deliver customized promotions based on location, demographics and whether someone is a new or returning visitor to your website. You can also use recommendation algorithms to suggest relevant products based on past purchases or interactions too.
Dark data is the informational assets that companies collect, process and store, but don’t put to use. Data like this has value but is often left to slip between the cracks. It is often things like unused customer data, unopened and undeleted email attachments and old support tickets.
Small businesses can begin to utilize this data in a few ways. You can use the data from customer support logs to pull out information about the contact method and how long they interacted with you. This helps you to know how best to contact this customer in the future, delivering a better customer service experience.
Web data integration is also extremely effective for businesses. How it works is that it converts websites into usable data. The data that’s used is structured in a way that people can analyze it. This is helpful because it adds insight into the business world and has many applications.
2020 has a wide area of technology trends that small businesses can leverage. All you need to do is look around and pay attention.