8 Tips on Managing Big Data for Small Businesses

Do you often wonder how to best manage your small business’s information?

The success of your small company often involves managing big data well. Big data consists of the large amounts of information businesses receive on a daily basis. This information comes from several different sources. For instance, it can come from transactions, social media or website interactions, smart devices, and even videos. 

Most businesses get large amounts of these types of data. But how do you make sure you use yours to inform your company’s decisions?

Below, we’ll get into our 8 tips for managing big data well. Keep reading below to learn more about having a great data management strategy!

1. Hire a Team for Managing Big Data

Our first tip for managing big data consists of simple advice: don’t do it on your own. 

That is, of course, unless you have a background in data management. As a business owner or employee, you might end up overloading your responsibilities or misinterpreting the data.

Instead, consider hiring a data management team. These people are trained professionals who know how to best look at your data and provide advice. Look for educated and experienced data scientists and researchers if you want to fill an in-house team.

Don’t have the finances to put a lot of people on your payroll? Don’t worry. Some companies offer their data expert services to other businesses. To find the right team, look up their reviews and ask about the experience of their data analysts! Nowadays, there are lots of companies that offer data governance consulting and other big data services so do not be afraid to compare a few different options to find the right outsourced choice for your needs.

2. Keep Your Data Secure

Your data will only serve you well if you can keep it safe. 

Within the next 4 years, cyber-attacks are expected to cost businesses $5.2 trillion. People who launch cyber-attacks often target smaller companies. In fact, 43% of data breaches occur to small businesses. 

Despite being a primary target of cyber-attacks, few small businesses have armed themselves against these attackers. 86% of startups and smaller companies don’t have the proper systems to keep them secure.

Keeping your data secure protects you from losing data and shields you from lawsuits. Most businesses have personal information on their customers. If your clients’ personal information gets compromised, they have grounds for a lawsuit against you. 

In addition, up to 95% of security breaches are the result of human error. This could potentially be due to a lack of awareness or training in businesses. This article from cellphonedeal.com has more information on cybercrime statistics and the types of attacks your company could face.

Make sure only privileged people have access to sensitive data. If confidential data is accessible to everyone within your organization, there is a much higher risk of a data breach, whether because of employee errors or a malicious hack. Identity governance and administration can help security admins manage user identities and system access.

Data leaks also damage public confidence in your business, which can impact your sales.

3. Update Your Software

Keeping your platform up-to-date serves as a great safeguard against cyber-attacks.

To start, you should research the software that houses your data. Make sure the software has robust data protection in place. If you have any questions, contact the company. 

But why do you need to update great software? Often, companies bolster their security measures with updates. If any type of program exists unchanged for too long, hackers can figure out how to get around protections. Keeping up with regular software updates helps you protect yourself against common cyber threats.

4. Backup Your Data

Do you backup your data?

If not, you should start doing so. Once you start collecting data, you run the risk of losing it. This doesn’t always happen because of hackers, either. Many companies experience system failures every great once in a while. When computers and other devices crash unexpectedly, you might lose data. 

Businesses with backups of their information have the ability to recover most–if not all–of it. This puts them at an advantage over businesses that don’t back up their data.

As such, if you want to continue to use your information, you need to have copies of your data ready. This allows you to continue to operate well and make data-informed decisions, even in the midst of an emergency. 

5. Know Which Data to Analyze 

Analyzing all your data all the time might prove overwhelming and unuseful for your company. 

So, how do you manage your data management strategy? You need to start by understanding which data you need the most. 

This might change depending on which information you need. For instance, if you want to bolster your marketing initiatives, you need information on how previous marketing endeavors have worked for you. You can look at data gathered from social media or email campaigns.

6. Visualize the Information

Have you ever seen your large data sets and wondered how you will condense them into understandable information?

Large data sets can get hard to comprehend unless they get translated into something people can visualize. One of the best ways to do this consists of making graphs. Graphs show you where the vast majority of your data falls and reveals if you have any important outliers.

7. Adapt

So, how do you use your data in a way that serves you and grows your business?

All businesses should start out with a plan on how they will operate. Still, not every company should try the same tactics. Different approaches work for different businesses. Discovering the best ones for your organization comes down to research and responding to data. 

So, you should start out following a well-researched plan. Then, review your data to make sure your methods work.

What if your data shows your endeavors aren’t working? Use it to pivot some of your approaches and see if the results improve.

8. Review Your Data Early

Your data should impact your business every step of the way. After all, it’s your real-time feedback and information about your company.

So, you should review your data as early on as possible. Meet with your team to ensure the data reflects your goals and discuss how to use it to grow your business.

Want more information? You should  check out this article. 

Want More Moneymaking Advice?

Managing big data can help you procure better success for your business. In turn, this helps you grow your customer base, make more money, and even bring more awareness through your marketing campaigns.

As such, managing and protecting your data serves as an important part of your business endeavors.

Do you want to learn more moneymaking advice? Check out the rest of our articles today!