Big Data. Even the name conjures up the notion of Big Business. So a logical question we might ask .. is it too soon for small business to start thinking about big data?
Turns out the answer is a resounding “NO”.
Thanks to some clever new tools that display complex databases in ways even techno-newbies would love, small businesses now have the ability to uncover the power and secrets of big data. A company’s databases can now easily be cross-referenced with the likes of social networks, government databases, usage patterns on mobile devices, digitized transcripts of call-center interactions etc. And thanks to falling technology prices, all this can now be done quickly and affordably.
This is a real game changer and expands the opportunity beyond the traditional hands of big business, and into the realm of any small business savvy enough to jump on it.
It has been said that data is the oil of the 21st century. In a recent study by IDC, the data we create and copy annually is doubling in size every two years, and by 2020 it will reach 44 zettabytes, or 44 trillion gigabytes. The study also shows that the percentage of useful data that delivers real business value will continue to grow from 22 percent to 37 percent by 2020.
Data consultant Bernard Marr was recently quoted saying, “In many ways, big data is suited to small business in ways that it never was for big business – even the most potent insights are valueless if your business is not agile enough to act on them in a timely fashion. Small businesses have the advantage of agility, making it perfectly suited to act on data-derived insights with speed and efficiency.”
Marr also commented on another advantage for small business related to big data: “Huge datasets on everything from demographics to weather and consumer spending habits are freely available online – if you know where to look. Plus, the basic tools to make sense of the data are also free and becoming increasingly simple for anyone to use.”
Move over Goliath, David’s coming through!
Check out the infographic below for some key big data benefits that are perfect for small business.