‘Big Data’ is the word which appears on everybody’s lips these days. In recent years, there has been a huge hype of ‘Big Data’ which is use to analyse by different companies and vendors to capture meaningful insights from a vast amount of data that can be used to improve business and decision making. When the data is too big, and too diverse to handle in standard database; then it is called big data.
As it is clear from the above that big data is huge collection of data. So, it is impossible to use all that data at a time. You can, however, make use of a small portion of the data that is beneficial for your business.
Unfortunately, many small and medium size companies are missing out on the benefits of utilizing big data because they believe that leveraging big data is too costly and too complex. But the truth is that big data is neither too costly nor too complex. Small and medium size companies can also leverage big data because Big Data solutions have become much more affordable in recent years.
There are many ways by which small and medium level companies can leverage big data. Here are just a few ways small and medium size companies can leverage big data towards their success.
Look for unused data– Small and medium size companies should look for those data which never used in the entire value chain. These data can be their feedback by customers, emails, vendor transaction, and many more. By leveraging these data, we can get some meaning insight that can be used to improve the business – the way it runs and operate.
Look for affordable and effective big data partner– Small and medium level companies can outsource their data to a suitable third party vendor for processing because developing internal capability may not be a wise decision for them at the initial stage. So find an affordable and effective big data partner for your success.
Go for small– If your company is small and medium level; then go for a small start towards big data. After getting some quick positive results from the vendor then only go for big implementation.
Look for the necessity – Small and medium size companies can go for leveraging only those part of data, where analysis is required. Analysing the whole data can be a waste of time and money for them.
Location– Cost is an important factor for any size companies including small and medium size companies while leveraging big data. So, find suitable big data vendors – today there are good small players in the marker out there where you get what you wanted at lesser cost at higher quality and quick turnaround. For eg: leveraging big data is costlier in USA rather than leveraging in India.
Adopt new tools and techniques- For collecting and leveraging big data; use new tools and techniques from the market – essentially freeware.
Every business needs to know the way to success and increased ROI. Leveraging big data is useful for all level of companies. The point is – how you are using and implementing it. According to a survey of Gartner, investment in big data technologies continues to expand every year. They found that 73 % of respondents have invested in big data or have plan to invest in big data in next two years. So, if you are a small or medium size company and thinking that big data is not beneficial for me then for sure you are leaving your boat.