Small Business Should Invest in Big Data and Analytics

Small Business Should Invest in Big Data and Analytics

Big data refers to huge volumes of structured and unstructured data; however, digesting such massive volumes of data via traditional data management tools is unproductive and impossible. To understand big data you have to realize the devices that are collecting it today e. g. club code scanners, mobile video cameras, CCTV cameras, motion devices, smoke alarms, web synthetic tools, CRMs, etc. In the examples, you can see that these devices accumulate a vast array of data types hence the structured and unstructured part in the definition. The sheer velocity at which the data is being produced cannot be manipulated and processed using traditional methods and tools. Benny Cenac

Nevertheless, the use of large data and incorporation of massive data analytical technology gives businesses the competitive edge over their competition.

Big Data and Little Businesses 

It is merely a thing of the former when conditions like big data and business brains were associated with large enterprises only. Today, small businesses have to leveraging the data they are collecting to be able to continue to be a part of the competition. For a long time, cost has remained the primary reason small businesses did not choose big data analytical solutions, but this has improved now. You will discover budget-friendly tools available for smaller businesses to take good thing about the data they can be collecting today. Relating to many experts, small businesses can take better benefit of big data considering they are able to make the necessary changes far more quickly than large enterprises i. e. real-time reaction to insights from available data.

According to the IDG study in 2016, 78% of the large enterprises agree that big data strategy has the power to change how businesses have always operated. This shows the acceptance of massive data technology and approaches for large enterprises and strengthens the fact that small businesses could become irrelevant if they were doing not adopt the same strategies.

Benefits of Large Info Analytics

Large Data and massive Companies, a record by IIA Director of Research, Tom Davenport, discloses that companies are benefitting greatly from big data stats especially in enhancing their products, making business choices faster and reducing costs. Here are some ways small businesses can usually benefit from big data.

– Financial savings

The advance cost of implementing large data tools and strategies is high undoubtedly, but the long lasting benefits associated with doing this are matchless. The healthcare industry is a great example of the way the use of large data can help businesses reduce their costs regardless of their size. Using predictive analytics, Medicare insurance and Medicaid Services forestalled more than $210 mil fraud in healthcare with just 2 years of utilizing the aforementioned technology.

In addition to protecting against frauds, small businesses can also reduce their costs by steering clear of creating more inventory than needed, including better lovers in the supply sequence, etc.

– Improved Decision Making

This is the biggest good thing about large data. It allows businesses to expedite decision making by processing the information fast and giving insights in regular manner. During the past, business judgements were reserved for future strategies in the light of accessible data and the trends that were seen in it. The number of data that businesses are sitting down on today is huge and therefore more powerful information have to be gained from it.

This vast amount of data requires use of modern big data hardware technologies. Once both the everything is in place for a business, they can understand customers better, create products that are a closer reflection of what customers want and produce a brand based on most reverenced values.

Leave a Reply

Your email address will not be published. Required fields are marked *