Nobody knew that Big Data will have such a big impact on the global market economy, nor that it will creep so much into everyday life. Initially, only large companies realized the potential of Big Data, in fact, only they had the means to exploit it. Today, thanks to the improvement and low prices of computer technologies, things have changed significantly and the incredible possibilities of Big Data computing as well as the access to it, are just a few clicks away.
Hey, Wikipedia is also a form of Big Data! However, things are not so simple (as with everything that starts with Big).
For that reason, it’s necessary to pay attention to detail and use strategy when approaching such serious matters. Apart from its complexity, in this article we will try to single out a few ways Big Data can be used and how it can help small businesses.
CLEANING UP THE HOUSE
First of all, you should consider and take advantage of the resources you already have. Before you spend lots of money on new technologies and hire professional staff, it’s worth to analyze and see what you’re already using in your work because the existing infrastructure plays an important role. For example, you may already collect valuable customer data via the website or customer service, and you probably have a bunch of financial and purchase and sales reports. All this information is important and can be used in processes of Big Data analysis, but in order to determine precisely which existing data can be useful, it’s important to move through the four key elements of infrastructure
- data sources
- data storage
- data analysis and
- data output.
RIGHT QUESTION AND SMALL BUDGET
The first obstacle for small businesses is definitely the price of Big Data. Software and tools have a high initial and operational costs which are not a big problem for large companies, as they dig gold using the best software and paid to analysts. However, for small businesses, this is not the most cost-effective strategy, and cruising the seas of data often turn out to be a waste of time and money that only the big players can afford. Instead, small companies must set their focus on specific issues and problems that need to be processed – finding answers to the right questions can significantly shorten the wandering and save money.
93 percent of companies with revenue of less than $500 million are considering or currently implementing Big Data as a Service, and 80 percent with that same revenue are considering, implementing, or currently using the public cloud. It’s not just smaller businesses that are seeking the advantage of big data; 81 percent of companies with revenue of $500 million or more are considering or currently implementing Big Data as a Service, and 70 percent are considering, implementing, or using the public cloud as well. – datafloq
In reality, the essence of Big Data lies not only in technology but also in logic and analysis.
We should also emphasize the role of open source solutions. Take for example social media – besides being such an easy source of data, they’re also a very important one, as they provide you with an insight into some aspects of customer’s personal life, that are otherwise not that apparent. Social media can point out on which posts, information and campaigns drive more traffic and which ones turn it down.
FLEXIBILITY AND SHARING
Flexibility is the key to solving the problems and progress in the market. Small businesses can do what large companies can’t – large organizations may have the money but they lack the speed and agility to react to problems.
While they have to go through all the committees and stratification to get the approval from the top, a small company can implement each change in a faster, more reasonable and more intuitive way. Big Data tools can provide you with an insight into current developments and based on that, it can predict market trends, so, it’s the fast implementation of results that makes a really important aspect in the use of data. In this way, small businesses are able to follow and even create new trends.
We should also point out yet another important result of Big Data and that is the way it affects the team spirit. With new data coming in, new conclusions are being created, and the atmosphere within a team or company changes significantly.
With the opportunities provided by Big Data, it’s now easier to find the way to better understand consumers, and employees and employers clearly perceive their job and its role.
Since Big Data provides you with valuable insights and answers, based on patterns you otherwise might not even recognize, it’s clear that implementing and trusting it can significantly improve how you perform in the competitive business landscape.