What SMEs need to know about GDPR Rules and Big DATA
Big Data, we read about it in the media, we hear about it from politicians and we know it’s important. BUT, we generally associate Big Data with Big Business. And that is not true. Big Data is just as critical for SME’s to grow their business and manage their objectives. Or we can look at things in a slightly different light.
Can the S in SME stand for SMART and the B in Big Data be BETTER? Can the G in GDPR (General Data Protection Regulation) stand for GOOD practice?
That’s what all businesses strive to be.
In the UK, small to medium enterprises are easily categorised by Government statisticians. The UK has over 5 million businesses but some 93% employ less than 10 people according to XXX. Hotels and Leisure, Food and Drink, Retail and E-Commerce account for a large proportion of these.
Most businesses want to grow. If they could, would employment increase? Not necessarily. With 900,000 people on zero hours contracts, global web outsourcing and pay as you go services, the need for employed staff may not increase as it did during the last 30 years. And that doesn’t even allow for zero hours robots appearing on the scene.
In this environment, what does being SMART mean, apart from keeping labour and other fixed costs under control? And how can the ‘B’ in BigData stand for BETTER?
What is needed is BETTER knowledge of markets, along with consumer and business needs, to allow for the continued creation of innovative products and services, expansion of markets and the methods to reach them. That needs good data. Only then can your in-house marketing or marketing agency help you do a good job.
Being SMART also means understanding your customers and prospects’ characteristics, whether B2C or B2B. Here, many SMEs are beginning to use smart approaches towards data and intelligence gathering, and fully adapting to social media channels to create influence.
So can we know our consumer markets and our promoters and detractors BETTER? Where are our best referrals? There are 320,000 multi-family households in the UK today, up 66% in a decade. There are 3.3m co-habiting couples and 4.8 million married couples bringing up children. Of all families, 45 per cent have just one child. Do we know – we should – where the richest live and where by postcode are the highest densities of over 50s or under 30s depending on your market?
Can we be GOOD at being GDPR data compliant? What about privacy – yours and mine? To compete you must gather quality data and be disciplined and focused with how you use it. You must also be very clear on why you hold it, what you use it for, how long you intend to keep it, and make sure you get the right permissions to use it. Delete what you should not hold. Do this or be fined.
To grow we need to be SMART in operation, BETTER at building intelligence, and GOOD in data privacy practice. Combining all three is a formula for turning knowledge into action into growth.
Now that’s a formula for success for any company.
Datawise Intelligence can help your business grow. If you’d like to speak to one of our data experts, get in touch for a FREE 30-minute consultation. Call 01392 343111 or email firstname.lastname@example.org