Small Data Can Yield Big Returns
Although the name suggests that Big Data projects require massive volumes of information, the truth is that companies can use even small amounts of data to experience substantial, positive results. The term Big Data doesn't necessarily mean organizations need mountains upon mountains of information to participate in the movement.
Businesses simply need to understand that the resources under their control will inevitably expand, leading to new opportunities in the "Big Data" landscape. A recent BigData Startups report highlighted how enterprises responsible for information that is changing in volume, velocity, and variety, regardless of its original size, can benefit from embracing a Big Data strategy. These endeavors usually include the launch of sophisticated business intelligence and analytic solutions that provide insight into even the most unstructured data.
BigData Startups noted that small and medium-sized businesses have the same opportunity to transform unreadable information into meaningful data as larger enterprises. The same predictive analytics and BI services can analyze gigabytes and terabytes of information just as thoroughly as they can petabytes of data.
Changing the game
Organizations around the world are gathering more information on external customers and internal operations than ever before. At the same time, however, smaller firms can only collect a finite amount of data on the fewer clients they have compared to larger enterprises with long lists of loyal consumers. For this reason, many SMBs believe they don't have the means to participate in the Big Data movement.
This conclusion isn't necessarily true, especially as cloud computing gains momentum in the workplace and allows companies to worry less about storage space. An Inc. report highlighted how smaller organizations are beginning to focus on Big Data initiatives in an effort to improve overall information management strategies and boost their ability to compete with larger firms.
"Interest in Big Data goes almost through the roof for small companies because they're trying to grab that information and use it to create a competitive advantage," IT expert Steve Lucas said, according to Inc.
In the coming years, the proliferation of digital technologies will continue to force organizations of all sizes to manage and analyze large amounts of information, although specific volumes will vary between firms. Small businesses need to understand that they too can participate in the Big Data movement as long as they plan ahead and deploy the appropriate technologies.
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