How big data can transform small businesses

Big data solutions promised big results. But for a long time, the advantages were out of reach for small- and medium-sized sales teams. The software, infrastructure and talent investments were too steep for firms to justify.

Fortunately, that’s changed. The price tag for enterprise data management technology has dropped and platforms have become easier to use and understand. Billions of rows of data can be processed in real time and delivered to tablets, laptops and smartphones. And salespeople can read the data like they’re reading a map, without advanced training in data science.

In short, enterprise data has been democratized — and can be transformative for sales teams of every size.

How big data can transform small businesses

Business intelligence gives organizations a competitive edge. When big data is accessible, small- and medium-sized enterprises can:

• Make better decisions, faster: Visualization tools make data clear and actionable, so it can be used immediately. Salespeople can check inventory, rates or incentives from anywhere and make decisions in the field.
• Close deals faster: Big data can create efficiencies that shorten the sales cycle and lower the cost per sale. For example, salespeople can access data they need to close deals without waiting for an analyst to pull and crunch the numbers.
• Spot trends: Many salespeople use intuition or gut instinct to uncover opportunities. Now, they can support their hunches with data — or avoid unproductive rabbit holes. And leaders can find best practices in the data, such as target market segments, a good marketing cadence or the right time of year.
• Work smarter: Big data tools can eliminate a lot of manual data entry. They also eliminate the need for single-owner spreadsheets, which are susceptible to errors and bad for business continuity. Everything can be stored in one safe place and reports are generated automatically or through self-service tools.
• Generate more data: Big data can create a virtuous cycle. When sophisticated tools are affordable and accessible, salespeople can collect and retrieve data from anywhere. More information leads to better insight into trends, strategies and untapped opportunities.

Big data can propel your business into a bigger league. Wipfli’s business intelligence team can help you pick the right tools to grow with. Let us guide you through a data transformation journey. Learn more on our business intelligence web page.