“Big data is only for Big business.” “For leveraging big data, large investment is needed.”
These are some of the myths about big data by which we often come across. Big data doesn’t mean that it is only for big business – and it is not. As we know that leveraging big data is very vital for companies for sustainable growth. Leveraging big data having countless benefits in smaller companies too. But unfortunately many small companies are missing these benefits of utilizing big data because many of them believe that leveraging big data is too costly. But the reality is often different. For leveraging big data, you don’t need to invest a huge money.
A recent survey from Gartner Inc. found that 73 % of respondent have invested or plan to invest in big data in next two years. It is 9% more than the last year record. While the number of business that said they have no plans for big data investment also decreased from 31 % to 24 %.
A SAS report published with the title “Big Data: Harnessing a Game-Changing Asset” showed that 73 % of people surveyed said that collection of data increased “somewhat” or “significantly” over the previous year. So It doesn’t matter that you are a small or big company, just go for big data.
Now, let us discuss that how small companies can leverage big data by small investment.
Use ‘unused’ data– If you are a small organization and you think that you don’t have enough data to analyse; then no need to worry, try to find unused data in your organization. This data can be the system information, review mails, sensor data, vendor data, customer transaction data, PDF files, etc. By analysing these data, you will get valuable insight for your organisation.
Vendor selection- You can take a wise decision on the topic that how to analyse big data, means by developing internal capability or outsourcing to a right big data vendor. Look at your need and then take a decision. If outsourcing big data to a vendor having low cost than developing internal capability; then go for a right vendor. If you want to focus on the core of your business; then also go for a suitable vendor.
Always start small- Always start with small. Don’t go for a large investment. First look for POC (Proof Of Concept) and then invest in whole project. It will minimise your risk.
Tools and techniques– For big data processing, a large number of tools and technology is available. Try to find the appropriate and economic technology. For ex- To store big data, you don’t need to invest on the hardware you may go for Amazon Web Services. Here you will have to pay according to the usage – as-a-service or pay and use.
Vendor location selection– Find big data partner from those part of world where cost is less and availability of high skilled resources are more. Distance between you and your big data partner doesn’t matter today.
In essence, if you don’t have enough high value customers your business will fail. The same applies if you spend too much money in big data for acquiring those customers or optimize the business value chain. As technology advances, big data is becoming an essential part for small businesses. To be in market competition, it is paramount for all type and size of business to invest in big data.