Today, data is a powerhouse for generating business and exploring growth. And, the beauty is – it doesn’t do anything unless someone know how to explore it. It is never been so easier to solve business problem and uncover new opportunity in ‘big data’ field. As we know, Big Data refers to the data comes from millions of sources i.e. from social media, emails, surfing, cell phone signals, sales transactions, etc. All these data that can be stored can call – big data. To use these data i.e. big data, for the business purpose, we need in-house big data team or we need a big data partner who can help to collect, store, process, analyse, and provide greater insight for decision support. (more…)
“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 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- Storing 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.
In today’s tough competition, big data analytics is playing a vital role in deciding the winner of the market place. Today’s business is mostly centred on the customers, especially retail sector. So, companies prefer to craft personalized marketing strategy according to the changing behaviour of customers. If ‘Technology’ brought big data concept; then ‘Marketing’ used it most for the organization’s growth.
In a recent survey from accenture and general electric showed that 87% of enterprises believe that with the use of big data, the competitive landscape of their industries will be changed in upcoming few years.
89% of them believes that companies without using big data analytics strategy in the next year, they will lose their market and be as competitive.
73% of the companies are investing twenty percent of their technology budget in big data analytics.
From these results we can imagine the role of big data analytics in an organization. Let’s see how big data analytics can help in competitive growth.
Customer insight – As we know that today’s business is customer centred and customer is the focus. So, companies collect data about their customers from various customer touch points and after analysing those data they understand more insight about customers. Companies who missed these valuable analysis result is nowhere in the competition today.
Personalized and dynamic Marketing– For better increased sale, companies need personalized marketing strategy and it is only possible when companies have detailed information about their customers or potentials.
Improved of customer experience– Big data helps companies to improve their customer experience not only in after sale but also to provide new products to the customers according to their needs.
Innovative ideas– Big data helps companies to develop next generation of products and services. For this, manufacturers are using data obtained from sensors embedded in products to create innovative changes new product development after sales services. Analysis of those data helps them to do some innovative way to serve their customers and delight them. If companies not using these benefits and serving them in traditional way; then they are likely to lose their customer base. Getting a new customer is far tough than holding an existing one. So, you always need to do something new for your existing customers. NOKIA is one of the victim of this case.
Minimize risk- A decision based on the real time data is always far better than that decision which is based on historical data – meaning way old data. If you have no information about the current market and trends, then you are making a decision then there is no guarantee that it will work. But after analysing the behaviour of market and making a decision; then it is likely to have less risk.
Improve internal capabilities – Use of big data make an organisation well organised. Companies can know about their internal capabilities using the analysis of these data and can make decision for the improvement.
In summary, the insights that we collect from big data and analytics can be used in different industries and can be paramount in exploring competitive growth. In the upcoming years we will be the witness of big data and analytics to decide the winner of the competition. So, organizations that are not leveraging big data and advanced analytics for decision making; then get on it; else you may lose your position in the game.