Data Analysis Efficiency by Luke Lonergan
In today’s world, the word “data” has been a staple in every other conversation that you tend to hear. Our love of technology and the web has allowed a rich amount of data to reach a global scale. Everything that we do creates scores of data that can be used for analysis. With the strains of social media and an increasingly technologically aware market, it has become part and parcel of strategic research for many companies.
The largeness of data is relative. Every enterprise has a data analysis limit that they reach from time to time. However, for smaller firms, this limit can be skirted because the generation of data comes at lower increments. However, it will not take long before that they have become so large that analytics may reach a saturation point. If this happens, how can small businesses handle it?
The Power of Measurement
All businesses are required to keep customer data records and sales reports. However, there are times when there is not enough detail in these files. For example, if you are managing a business website merely keeping track of the number of customers and which advertising companies they come from is not sufficient. Pertinent details like the length of time they spend on the site as well as the duration of time in which they purchased something from your site can yield significant scores that can help with data analysis.
Therefore, you should increase your measuring tools.
Smaller businesses tend to have simple mechanisms that allow them to collect information about their clients. They can use social media as well as various accounting programs like CRM or ERP. These are different avenues will allow them to collect all kinds of information about particular consumers. However, the biggest problem is that all these pieces of information remain isolated. It will also be insufficient regarding giving you an idea about your consumer environment.
However, if you’ll combine these simple data gathering mechanisms along with various data analysis tools, it will make your feasibility studies even better. This works in such a way that if a customer adds information to one site, a multitude of data pieces will be given to you which makes your client corporeal.
Visualizing Your Data
Even if you have simple data analysis tools, small-scale businesses can still profit as long as you can visualize the data. Some of the traditional techniques involve computer generated formulas as well as statistical analysis, creating maps and graphs containing pertinent data can give non-experts a much clearer view of the results.
The large enterprises use analytics to hone their business strategy. Being a small scale business does not limit your options when it comes to data analysis. Admittedly, it would be interesting to analyze the data on such a large scale, but as long as you have an efficient method of data analysis for your own business, it will be okay. This is why you should invest all that you can on analytics for you to harvest the benefits in the end.
About Luke Lonergan
Luke Lonergan is an expert in the field of Cloud Computing. Luke Lonergan has carried out extensive research in data analysis and efficiency to gain higher outputs for the small to mid size businesses. Luke Lonergan is also the CEO of Greenplum company.