• Privacy policy
  • T&C’s
  • FAQ
  • Meet the Team
  • About The London Economic
  • Advertise
TLE ONLINE SHOP!
NEWSLETTER
SUPPORT THE LONDON ECONOMIC
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

Using Big Data Can Be Beneficial for Small Businesses

RelatedPosts KPMG UK chairman quits after telling staff unconscious bias is ‘complete crap’ Why Amazon is set to earn billions from Brexit Why BP’s green future depends on Rosneft Brexit: Reactions as Mastercard to increase fees for UK purchases from EU You have probably heard of the term ‘big data’ before, but wondered what exactly […]

Jess Young by Jess Young
January 11, 2018
in Business

RelatedPosts

KPMG UK chairman quits after telling staff unconscious bias is ‘complete crap’

Why Amazon is set to earn billions from Brexit

Why BP’s green future depends on Rosneft

Brexit: Reactions as Mastercard to increase fees for UK purchases from EU

You have probably heard of the term ‘big data’ before, but wondered what exactly it involves. In essence, big data is a huge set of data that is analyzed by using many different algorithms that can help business owners to make better business decisions and follow up market trends. Big data is primarily used by larger corporations and big companies, but it can be very useful for smaller businesses as well. If you want to learn something more besides how to convert youtube to mp3 then check the following ways in which big data can be beneficial for small businesses.

First of all, big data can make the company`s operations much better. You have probably wondered how large corporations are able to make good choices and smart decisions regarding their target market. The answer to that is quite simple. They are using analyzed results from gathered data and know what the market needs and wants. That way they know what they should provide to their target market. If you are a small business owner, you can benefit from this because with analyzed data you will be able to make smarter business decisions.

Big data is also helpful for getting better understanding of the market. You always need to be careful and make an extensive research before entering any market. With the help of big data you can get very valuable information, like what are the most common services and products that customers use, or what are their preferences on the market. Understanding these things will give you great advantage and you will be able to adjust to the market trends accordingly.

Another way in which big data can help you a lot is that with the information you posses you can always keep your competitors in check. Long gone are the days when you simply had to walk in certain store and see what your competitors are doing. Things got more sophisticated now, and today you can gather all kinds of information about your competition without even leaving your office or home. By using social media data for example, you can gather information about which strategies your competitors use to get more customers. That is the biggest advantage of big data – it is very informative and helpful when running a business, regardless of how small or big the business is.

As mentioned, big data is good for getting a good insight regarding market trends. With big data you can easily monitor how people respond to the products you have launched on the market. Not just that, but you can also use that information for predicting future patterns and getting a better picture about how the market will look like in the upcoming months or years.

As you can see, big data can be tremendously helpful when it comes to running a business. No matter how small your business is, it will surely become much better if you start using big data information in your own advantage.

Support fearless, free, investigative journalism Support fearless, free, investigative journalism Support fearless, free, investigative journalism

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending fromTLE

  • All
  • trending

What If We Got Rid Of Prisons?

Stress, fear and homelessness: The threat looming over families confronted with eviction

File photo dated 07/11/03 of a prison cell.

The Other Prison Pandemic

Latest from TLE

Chance of a Lifetime: Introducing Author Navajo

Image by AdobeStock

Weather forecast, alerts and UVB index for London, Tuesday 2 March 2021

Lucky Numbers and Horoscopes for today, 2 March 2021

Glasgow Film Festival 2021

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

Contact

Editorial enquiries, please contact: jack@thelondoneconomic.com

Commercial enquiries, please contact: advertise@thelondoneconomic.com

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Lifestyle
  • Food
  • Property
  • Travel
  • Tech & Auto
  • About The London Economic
  • Meet the Team
  • Privacy policy

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.