Many companies are ramping up their digital transformation initiatives and most are embracing the advantage of data analytics. This interesting information came to us from Business.com in their article, “How Data Analytics Impacts Small Businesses in 2019.”
Emerging technologies are making an impact. Deep learning is being utilized to help small businesses enhance decision-making capabilities. Implementing machine learning technology has significantly changed the way brands are marketed to consumers.
Data analytics provide incredibly detailed insights into all aspects of operations. Adoption of Big data analytics has increased from 17% in 2015 to 59% in 2018 – a 42% increase in just three short years.
One of the main applications of machine learning, especially for small businesses, is using it to track customers throughout the different stages of the relationship cycle. Small businesses can use data analytics to determine a particular segment of customers that are ready to buy and when. Data analytics can also be used to improve customer service once the relationship has been established.
Melody K. Smith
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