Wednesday, 20 September 2017

Big Data: 3 Brilliant Data Sources You Can Use

A recent study found that over 53 percent of the businesses in the United States are using big data analytics. For most business owners, the use of data analyzation is mostly about staying ahead of the competition. The more data business is able to collect and analyze, the easier they will find it to notice trends in their market.

While most business owners understand the power of data analyzation, many of them are unsure about how to collect the data they need. Asking customers to complete surveys or questionnaires is a good idea, but there is much more that you can do to get access to great data.

The following are just some of the data sources a business owner can use to their advantage.

The United States Small Business Administration

One of the main things a business owner needs to consider when trying to incorporate data analyzation into the fabric of their company is taking advantage of the resources offered by the United States government. The Small Business Administration established by the United States government collects a lot of useful information and breaks this information into three basic categories.

The first category you will need to peruse is trends in the world of entrepreneurship. The information contained in this category highlights everything from popular sales strategies being used to tips on choosing a log aggregator program. If you want to find out more about this tool, click here to learn about log aggregator.

The Small Business Administration also compiles various company profiles from different states and territories. These reports generally detail things like information on the wages in a particular area, business owner demographics and even the turnover rate of the business in a state or territory.

There is also a category dedicated to small business infographics and facts. These infographics feature information about employment trends, startup success rates and financing information. With the data from the Small Business Administration, you can easily research and expand into a new market.

The Bureau of Labor Statistics

If you are looking for data regarding labor, then the Bureau of Labor Statistics (BLS) is an excellent option. The information on this website can provide you with information about wage rates across the country and will even identify labor force trends you need to know about.

Each month, the BLS releases employment statistics for the United States. This gives business owners an overall feel for how strong the market is based on the unemployment rate. The lower the unemployment rate is, the easier you will find it to grow and expand your business.

Business Insider Provides Great Data

For years, business owners have used reputable publications to get information about growth or decline. Business Insider is perhaps one of the most popular business publications on the planet.

The Business Insider puts out a small business survey every couple of months. This survey gets information from nearly 200 business owners and entrepreneurs. This survey is meant to provide business owners with information about trends and developments in the world of entrepreneurship, technology, and marketing.

Using Data is Beneficial

While collecting and analyzing data may seem a bit intimidating, but it is necessary to compete in the modern business world. Using the data resources can get you on the right path and help you plan out your company’s long-term strategy with ease.

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